Finance committee to discuss Hotel Northland

Local News

There has been recent controversy around the Hotel Northland construction site and some fear the hotel will not come to fruition.

Tuesday the finance committee will meet to discuss cost estimates for an audit of the hotel after the project recently lost its main lender.

The audit would focus on the money from Housing and Urban Development, or HUD, that the city gave for the project.

The city helped the hotel developers secure a $4.7 million dollar loan from the  HUD’s loan guarantee program.

After concerns about financing for the project and recent court battles between the two business partners behind the project, the city council gave developers 45 days to find funding to complete the project last month.

Last week Mayor Jim Schmitt said they may have a new lender, whom he hopes to announce by the end of the month.

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