Hamilton politicians have approved grant and loan applications which will assist with the development of a new hotel on the former HMP car dealership property at Main and Bay Streets.
The grant, toward Darko Vranich's Homewood Suites project, is for 875 thousand dollars over five years through the city's Downtown Property Improvement Grant Program. The interest-free loan, for 8.9 million dollars, is through a second program which aims to promote development of new residential dwelling units in the core.
A third request from the Good Shepherd Centre which is looking for a five million dollar interest-free loan towards its now completed residential project on King Street West has been referred to the Future Fund for consideration.
That initative does not qualify for the downtown loan program, so city councillors are looking for a creative way to provide interim funding while the organization completes its capital donation campaign.
Perhaps conveniently, five million dollars that had been allocated towards construction of a velodrome has been returned to the Future Fund.