The controversial tax increment financing district proposed for a new W and Element hotel at 1441 Chestnut St. cleared a hurdle.
City council’s finance committee signed off on it and the bill’s next step is a to head to council for a final vote, which could happen in two weeks.
The developer of the hotel is seeking a $33 million so-called TIF tax break along with a slew of other public subsidies to help finance the $280.4 million project. It would add 700 new hotel rooms to the downtown market by 2017, when it is projected to be completed. Read more about this story on PBJ.com
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