FINANCIAL_SERVICESPENDING

City of Monroe Agenda Packet 2026-05-26

City Considers Level IV Incentive for Downtown Hotel

Not to exceed the Level IV Incentive Grant amount calculated on a $40,000,000 capital investment (exact multi-year payment schedule not stated in excerpt)City of MonroeMONROE HOSPITALITY LLCMay 26, 2026

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Description

The City of Monroe is considering a new Level IV Economic Development Incentive Grant agreement with Monroe Hospitality, LLC, tied to a planned $40,000,000 investment in a downtown hotel on the former Joffre Hotel site. The proposed multi-year grant would replace an earlier 2024 agreement and reflect the expanded scope and updated incentive policy.

Contract Details

Contract Amount

Not to exceed the Level IV Incentive Grant amount calculated on a $40,000,000 capital investment (exact multi-year payment schedule not stated in excerpt)

Vendor

MONROE HOSPITALITY LLC

Agency

City of Monroe, NC

Contract Type

FINANCIAL_SERVICES

Document Date

May 26, 2026

Contract Term

Multi-year performance-based Level IV Economic Development Incentive Grant term as set forth in the 2026 Economic Incentive Grant Agreement (specific dates not stated in excerpt)

Renewal Info

This is a newly structured Level IV Economic Development Incentive Grant intended to supersede a 2024 agreement; renewal or extension terms, if any, are defined in the full 2026 agreement not fully included in the excerpt.