Rome City Commissioners approved $2.5 million in Tax Allocation District funding Monday for the proposed Courtyard by Marriot in downtown. The proposed hotel is expected to be built on West Third Street across the river from the Forum Civic Center. This marks the second TAD funding approval, the other was from the Development Authority, for Duke Hospitality’s project.
Originally the funding was only going to be given if the hotel was to have started being built by January 31st, but that was moved to February 15th.
The final hurdle for the TAD funding will come from the Floyd County Commission. Commissioners will vote on January 12th to allow the tax break or not for the 124 room hotel.
The TAD will provide Duke with $2.5 million in the form of tax refunds over a 12-year period. As a result Rome will forego $50,726 a year in new tax revenue, city schools would forego $101,908 and Floyd County $56,064.
At the end of the 12 years, the property would be taxed at its new assessed value.
City Commissioners also on Monday approved a zoning change for the property next to State Mutual Stadium. The zoning is now listed as urban mixed use in order for Doc Kibler’s Northwest Georgia LLC to build a mixed apartment and retail development.
A unanimous vote was also given for a 2 percent pay raise for City Manager Sammy Rich. His total compensation will now be $148,715.44 a year, including benefits.