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Wed December 19, 2012
$9M In Tax Incentives Approved For 21c Hotel
LEXINGTON, Ky. - Lexington’s 21c hotel will join the Kentucky Speedway, the Newport Aquarium, and the Ark Encounter in receiving tax incentives from the state’s Tourism Development Finance Authority.
The 90-room hotel planned for Lexington’s historic First National Bank building will be receiving $9 million dollars in incentives over the next decade. That’s in addition to a $1 million dollar loan from the Urban County Council and a $500,000 tax-increment financing plan approved for a portion of the project.
Gil Lawson with the Kentucky Tourism, Arts, and Heritage Cabinet says the Tourism Development Finance Authority determined that the hotel meets all the requirements for an incentive package.
"They have to have a positive economic impact on the state of Kentucky. They have to be a project of at least a million dollars in investment. They have to be open more than a hundred days a year and they have to get at least 25 percent of their guests from out of state," Lawson says.
The hotel is also requesting a $6 million dollar Section 108 loan from the federal Department of Housing and Urban Development. The 21c hotel is slated to open its doors in 2014.