By Adam Studzinski
NORMAL – The former Holiday Inn in north Normal might finally see some renovations after sitting vacant for nearly 10 years.
The Normal Town Council plans to vote Monday night on a redevelopment agreement with the owners of the property. City Manager Mark Peterson explained Swift Hospitalities has been working to secure funding for the project since buying the land in 2010.
“We were notified about three weeks ago that they had secured a financing commitment from a lender in Minnesota and that they needed to move forward quickly,” said Peterson. “They hope to close on their financing by the end of the year and begin construction in early next year.”
The roughly $18.5 million project won’t require funding from the town.
“They are looking to get a rebate of TIF dollars from the Town of Normal and we estimate that they could recover as much as $3 million, probably between $2.5 and $3 million, over the course of the remainder TIF,” Peterson said.
The hotel, which will be flipped into a Radisson, will also receive a rebate on hotel/motel taxes.
“I think this hotel will, because of its location, will cater to travelers on the interstate – more of a transient, you know, population,” said Peterson. “It will also, probably, they will do a number of local group events; weddings and receptions.”
Also on Monday, the council will vote on approving the 2015 property tax levy.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
