Village of Godfrey Board of Trustees: Public Safety, Finance, Board Meetings
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GODFREY - The Village of Godfrey is closer than it’s ever been to getting a hotel. Economic Development Director Jim Mager announced on Tuesday that a national chain may be interested in building a Godfrey location if the village is willing to provide incentives.
The interested company is Choice Hotels, which Mager described as a national chain with a nation-wide reservation system. Choice operates many hotels under various brand names, including Comfort Hotels, Quality Inn, and more - though it’s not clear yet which name and logo would be on the Godfrey hotel.
“Where we are is that if the village comes in for a certain amount of money … I think Choice Hotels might have investors lined up,” Mager said, adding the project may also require some local investment. “We’re trying to put together a project to get it financed so it can move forward.”
Mager said the next phase of the project is to develop a business plan to get investors interested. Rather than writing a check, Mager suggested the village offer incentives such as helping with parking, facade, signage, and other costs eligible for Business District funds.
“If we don’t go back to Choice Hotels with something, I don’t know where we go from there,” he said. “I know we’ve wanted a hotel for years … but this is about as close as we’ve ever been.”
While the economic impact of the project is still unclear, Mager anticipates the hotel tax and sales tax revenues generated by the hotel to be substantial upon its completion. He also expects the hotel will generate enough funding to cover its initial costs within five years.
Last year, the Village Board agreed to move forward with developing a hotel feasibility study. Trustee Sarah Woodman said the study had been sent to five national hotel brands and asked about their responses; Mager said Choice Hotels was the only company of the five to respond.
As previously reported on Riverbender.com, the potential building site is located near the intersection of Illinois 255 and Montclair Avenue. On Tuesday, Mager described the proposed building as a mid-size hotel with about 60 rooms, which would be built within 12 months at a total cost of approximately $8 million.
After some discussion between village trustees, the Village Board decided on an offer of $500,000 in the form of incentives to Choice Hotels should they agree to move forward with the project. A business plan for the hotel will likely be developed in the near future, and would eventually face Village Board approval.
A full recording of the Oct. 1, 2024 Godfrey Village Board meeting is available at the top of this story or on Riverbender.com/video.
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