MISSOULA – The Missoula Redevelopment Agency will take more time to review information supporting a request for additional funding to complete the new Mercantile Residence Inn.
Developer Andy Holloran had already been given $3.5 million a year to complete the deconstruction of the old Missoula Mercantile, and the erection of a new hotel and commercial center on the corner of Front and Higgins. The entire project will cost more than $30 million.
But earlier this month, Holloran asked the city for an additional allocation of Tax Increment Financing for just over $442,000 because of unexpected costs.
Holloran told MRA staff it was costing more to save and restore the old Pharmacy building, which will be the new luxury suite for the hotel. He also says there are increased utility costs.
However, the city is being given new information on how contractors calculated some wages for the project and staff need time to review those numbers.
