Loans For Harrisonburg Hotel, Convention Center Updated

The motel and meeting center project was first given the green light by Harrisonburg Metropolis Council inside 2014, because the city will be involved in the financing of the convention center.

Earlier this year, worries were brought up about the $10,50 million mortgage to build that and the Wayne Madison College Foundations standing as a non-profit.

The particular JMU Base is another partner in the motel project.

The remodeled financing strategy approved recording means the foundation will now look for a nearly $11 million give, and the funds will be paid through the Harrisonburg Industrial Growth Authority towards the developers within grants.

The loan will probably be repaid through tax revenues generated from the hotel and the conference centre.

Neither the location or the TRASLADO is required to repay your debt, unless in addition to until you can find tax profits so the not truly a debt from the city and also the IDA, described Harrisonburg Metropolis Attorney Philip Brown.

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