MISSOULA – The Missoula City Council is moving forward with plans to approve the sale of $3.6 million in development bonds to help finish off the nearly-completed Marriott Hotel downtown.
The developer, HomeBase Partners, has been trying to secure the additional financing for the Residence Inn for about a year. HomeBase had argued the project’s costs had been higher than expected. That was in part because of the city’s insistence to save the old Pharmacy, which is the last remaining piece of the historic Missoula Mercantile. HomeBase also said the city had asked for the building to be “deconstructed”, not just demolished, also adding to the expense.
The city had balked over details of the request, questioning whether the additional costs were actually a part of the agreement which helped make the hotel project possible.
But this week the City Council’s Administration and Finance Committee finally agreed to allow the sale of the additional bonds, with Missoula Redevelopment Agency Director Ellen Buchanan saying the economic impact of the multi-use hotel and projected revenue gives the city a comfortable “cushion” to cover the bonds.