Site Specific Tax Revenue Pledge (SSTR)
Kosmont worked with the City and Developer to identify funding sources and negotiate a lease-leaseback structure to fund the development of three (3) hotels (Hilton Garden Inn, Marriott Courtyard, and Homewood Suites) within the City. Kosmont used a pledge of future city revenues as a backstop to help underwrite financing to make the 506-room project feasible for the developer and the City.
The Hilton Garden Inn and Courtyard Marriott are open for business. Homewood Suites by Hilton is scheduled to open in 2017.