User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


-2° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

New Tax Allows Hotel To Be Built

April 17, 2012, 5:59 PM by Peggy Moyer

New Tax Allows Hotel To Be Built
SIOUX FALLS, SD -

Developers of a downtown hotel ask for a lodging tax to help pay for the project.

Monday night, the Sioux Falls City council voted in favor of a $2 lodging tax at the new Hilton Garden Inn. 

You can see heavy equipment tearing down the old parking ramp. It's one of the last structures standing in the way of a new downtown hotel.

While the Hilton Garden Inn hasn't even been built yet, we know guests will pay an extra $2 tax per night's stay. The lodging tax could have been a deal breaker on the whole project.

"It's an integral part of our whole financing package to make this happen," Hilton Garden Inn co-developer Craig Lloyd said.

Lloyd is one of the two developers planning to build the five-story Hilton Garden Inn.  He says they negotiated a $4 million tax increment financing deal with the city because the hotel will generate significantly more revenue over the lumber yard that used to sit on the property.

"The first year, property taxes for the hotel and CNA building will be 25 times more the future earnings for Sioux Falls," Lloyd said

However, Lloyd says the project would have come up $1.4 million short without the council's approval of the lodging tax.

Aside from the final demolition of the River Ramp, Monday night's council meeting was the last hurdle for developers.

"Everything that could possibly go wrong, we've addressed with the city. They worked with us and the staff has been very cooperative. So we're pretty positive," Lloyd said.

At this time, the $2 tax only applies to rooms at the Hilton Garden Inn.

Developers expect to break ground on the hotel this summer and be open for guests by next June.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Stroller Recall Due To Amputation Hazard

11/20/2014 9:45 AM

More than four million strollers sold in the United States are part of a recall.

Full Story
Alco To Close Stores Across South Dakota

11/21/2014 2:03 PM

Several South Dakota cities will soon have one less store.

Full Story
South Dakota Malls Will Open On Thanksgiving

11/21/2014 11:41 AM

Shoppers no longer need to stay up all night to get Black Friday deals.  More stores are opening on Thanksgiving, closing overnight and then reop...

Full Story
Vern Eide Pays It Forward For Thanksgiving

11/22/2014 6:34 PM

Closer to home, families are out buying turkeys as we are less than a week away from Thanksgiving.

Full Story
Sioux Falls Scandinavian Store To Close

11/20/2014 3:30 PM

Holsen Hus, a Scandinavian store on Phillips Avenue in Sioux Falls is closing at the end of the year.

Full Story


Events