Planned Downtown Hotel Receives $900,000 from Village

"La Banque" Hotel in downtown Homewood is inching closer to reality as trustees commit financial backing to the project.

Homewood trustees voted Tuesday night to give $900,000 and a recommendation for Class 8 tax designation to Ravisloe Country Club owner Dr. Claude Gendreau, all for the development of a boutique downtown hotel. The two incentives are separate and distinct, Grandeau’s financial consultant Don Peelman said. The Class 8 is in response to anticipated high operating expenses, as are custom in the business, says Homewood Community Development Director Paula Wallrich. The designation will reduce his assessment to ten percent of market value for the first ten years, 15 percent in the 11th year and 20 on the last, with an opportunity to renew. Not having a Class 8 is one of the contributing factors in the decline of the former Homewood Hotel, …

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