City of Monroe City Council Agenda June 2024
City Approves $2.2 Million Incentive Grant for Downtown Hotel
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Description
The Monroe City Council approved an eDIG Downtown Economic Development Incentive Grant for Monroe Hospitality, LLC, providing up to $2,200,500 over ten years to support Project Overnight, a planned downtown hotel. The grant includes two parts funded by the general fund and municipal service district funds.
Contract Details
Contract Amount
Not to exceed $2,200,500 over a ten-year period
Vendor
MONROE HOSPITALITY LLC
Agency
City of Monroe, NC
Contract Type
OTHER
Document Date
June 11, 2024
Contract Term
Part A: 7 years (FY2027–FY2033), Part B: 10 years (FY2027–FY2036)
Renewal Date
2036-06-30
Renewal Info
Grant disbursement over two overlapping periods; annual payments subject to investment and compliance; agreement to be negotiated and executed as authorized by Council.
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