By NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — The City of Hutchinson is waiting on the disbursement of funds to close the deal on the Atrium Hotel in the coming weeks.
"We do expect those temporary notes being funded here in the next seven to ten days, which will allow us to complete the purchase transaction of the property," Cantrell said.
The purchase price will ultimately be paid by those who stay in hotel rooms in Hutchinson through the transient guest tax.
"We will front fund the purchase with cash on hand that is in that fund," Cantrell said. "Years going forward, that debt will be serviced by TGT, the transient guest tax."
The goal is to put a name brand hotel in that space after the rooms have been torn down and a developer has come in to rebuild.
"It's not uncommon for communities to take this task on, especially when they are so dependent upon tourism and transient guest tax collections," Cantrell said. "It's pretty important, obviously important to the Fair. A lot of the sports events that we hold here, it's vitally important to them. Ideally, what you end up with is a partnership of public and private, one that is healthy and that can support sustainable operations of the facility with branding that would be commensurate with what they anticipate when they come into town."
The goal would be to get multiple name brands at the table so the city can get the best offer possible, once the property is ready for development.