By: Diane Benjamin
Follow-up to this story: https://blnnews.com/2019/07/30/hyatt-is-up-for-sale/
I’m sure any potential buyers of the Hyatt would know it hasn’t performed up to expectations.
Since this is public record, it’s fit to print. PDF page 159: http://www.normal.org/ArchiveCenter/ViewFile/Item/2672
The Hyatt wanted a tax rebate from Normal, but withdrew it before the meeting. Maybe since JB was running for governor he didn’t want to look like a loser.
Keep in mind, the Town of Normal borrowed $5.1 million to loan to the developer to build the Hyatt. Revenue generated from the hotel plus TIF money was supposed to pay the bond.
Maybe City Manager Reece can report on how much of that $5.1 million has been recouped.
This is what was withdrawn. See the minutes here to verify it was withdrawn: http://www.normal.org/ArchiveCenter/ViewFile/Item/2691