Taylor Hotel Financing Under Review

Vic Bradshaw, reporting for the Winchester Star, updated the status of the partnership between the City and Wishneff Group for the rehabilitation of the Taylor Hotel.

[Jim] Deskins said the application [for an advance on anticipated grant money from Housing and Urban Development] was revised numerous times to give it the best chance for approval. If it is turned down or if the Wishneff Group is unable to obtain historic tax credits for the work, the project will not be undertaken and the city government likely will tear down the building.

The application, he said, focuses on the public facilities to be created – the farmers market and performance area. It also pledges that at least 51 percent of the jobs in the space resulting from the project will go to low- to moderate-income residents.

According to sources, the HUD application should be processed in 90 days, with the historic tax credit application taking about the same time to review.

Find out more about Section 108 Community Development Block Grants from HUD at www.hud.gov.

Learn more about historic tax credits at www.nps.gov/hps/tps/tax/.

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