Janko Group, LLC, a realty and development company out of Deerfield, Illinois, has asked the City to expand its Enterprise Zone services to make way for a Holiday Inn Express and Suites.
The new site would be located near the existing Holiday Inn on East Main Street. Construction work, if things go to plan, is expected to start in the spring of 2015.
Ward 2 Alderman Wayne Dennis tells WGIL there has been hotel space lost recently, and this aids in repairing that situation.
“Losing all those rooms, we do need another hotel to help the influx of people coming in because right now, our hotels are usually packed,” says Dennis. “We run out of hotels, people have to go to Monmouth because they can’t get a hotel room in Galesburg.”
Work on the hotel will be completed in June of 2016 according to City documents. To operate the site, about 20 full-time staff would be brought on board along with a handful of part-time opportunities.
To make the project happen though, Janko Group, LLC is asking for more than $1-million in TIF (tax increment financing) II funds.
The City says that delivery of those monies may hurt their budget slightly, but they are still expecting some offsets in the form of additional sales taxes for existing businesses and other items. Dennis tells WGIL he doesn’t think the incentives are too large for the reward.
“We’re starting to make some headway in Galesburg on a few things that have been changed here in the last six months and right now I think everything we’re doing is a positive outlook for the city, itself,” says Dennis.
The Holiday Inn Express and Suites would host 82 rooms over three stories. The investment in the Galesburg community will likely exceed $9-million.
The matter of expanding the City’s Enterprise Zone will come before the City Council on Monday night.