Conor Acquisitions of Fort Myers, Florida has purchased the property for $4 million dollars and plans on adding $6.5 million in renovations and remodeling.
Monday, the city council discussed the sale of the property and the proposal, which includes a $1 million dollar TIF grant to help with renovations, as well as a tax rebate over a number of years.
City leaders believe the purchase will benefit the downtown area and revamp business for the Convention Center. "I think what the mayor and council are looking at here is not only getting-- improving our tax base downtown and getting some more tax dollars following through this building, but also improving the ability of our convention center to be successful. We've got a great facility, great staff, but it's kind of been held back in the last few years by the lack of a quality hotel across the street," said Marty Dougherty, director of the Sioux City's Economic Development Department. Final city approval is expected January 6th.
Until the deal is sealed, the name of the nationally-recognized hotel chain isn't being released.
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