MISSOULA – The Missoula City Council is giving its endorsement to a plan to boost plans for another new downtown hotel, concurring with a plan to contribute up to $1.8 million in tax increment financing for the project.
The development group that opened the new Residence Inn by Marriott last winter is moving forward with plans to develop the new AC by Marriott hotel at the corner of Pattee and Main streets. That’s adjacent to the Marriott where the old Firestone store is located.
Last week, the Missoula Redevelopment Agency agreed to the reimbursement for the $22 million dollar project, using “TIF” funds, which has been a common instrument the city has been using to spur economic development.
The city council also endorsed the agreement on Monday. The city doesn’t expect to actually sell the bonds until the hotel is finished by Bozeman-based HomeBase Partners.