A development agency is asking for $5 million in public loan guarantees for a private group to build a $36 million Westin Hotel on the Wilmington Riverfront.
The request Monday from Riverfront Development Corp. comes after an earlier $2 million request from BPG Hotel Partners.
The News Journal reports Riverfront Development's proposal would include a $2 million letter of credit from the state, a $1 million guarantee from the city of Wilmington and a $2 million commitment of unspecified “assets” from the taxpayer-funded development agency.
Riverfront Development Corp. Executive Director Michael Purzycki told the General Assembly's Bond Bill Committee that the loan for the hotel project is not risky. He says it's the most important project for the Riverfront but has been misunderstood.
"Regardless of what you hear anywhere else, what you see anywhere else, this is not a risky loan," Purzycki told the News Journal.
