At the recent Perry City Council meeting, much of the agenda was devoted to topics involving financial aid for Hotel Pattee.

The specific focus of the Council was on a grant and loan to the historic hotel, which Perry City Administrator Sven Peterson says will mostly be used for infrastructure improvements. “I know with a lot of similar buildings — with the Carnegie (Library Museum) and City Hall — these buildings are starting to get to a point where they need some maintenance and upgrades of the mechanical systems. So that’s probably the largest portion of this. But also encouraging some additional marketing activity to help increase occupancy.”

Peterson says the grant will be paid out of tax increment finance (TIF) funds, and given to Perry Economic Development, Incorporated through a development agreement. PEDI will then give the money to Maxwell Hospitality, owners of the hotel. The structure of the grant will allocate $25,000 the first three years, and then $50,000 the next seven, for a total amount not to exceed $400,000. The funds will also be matched by PEDI. Peterson points out there will be a public hearing March 16th to discuss the grant before it’s officially approved.

As for the loan, it will also be paid through TIF, with the City transferring the money from the sewer revenue funds to cover it. The loan is for $350,000, paid back over ten years though with no payments required for the first five. The Council approved the loan, under the stipulation that owner Tom Maxwell pay it back in full should he sell the hotel. Additionally, hotel representatives will need to make annual reports to the City on how all the allocated money is spent. To learn more about this and other City of Perry topics, click the link below to listen to the recent Perry Fareway Let’s Talk Dallas County program with Peterson.

https://www.raccoonvalleyradio.com/2020/03/03/lets-talk-dallas-county-3-3-2020-sven-peterson/