JAMESTOWN – A hotel renovation project in the city of Jamestown will receive financial assistance from the county.
The Jamestown Post-Journal is reporting that the Chautauqua County Industrial Development Agency’s Board of Directors approved a $900,000 Al Tech loan and tax incentives for Hamister Group during its meeting earlier this week. The Buffalo-based company owns the former Ramada Inn, located at 150 W. Fourth St. The group is currently planning a $14.2 million renovation of the hotel into a full-service DoubleTree by Hilton.
The loan will cover a 20-year period at an interest rate of 4 percent. A tourism destination payment in lieu of taxes, a sales tax exemption on construction materials and a mortgage reporting tax abatement were also approved.
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