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The City of Texarkana, Texas has received a second report from the Council of Development Finance Agencies (CDFA) team focused on redevelopment options for the Hotel Grim property. The second report, which builds on recommendations made in 2015, includes an addendum to the recommendations with an additional five recommended strategies based on a second CDFA team site visit earlier this year, three of which the City has already implemented. The other two strategies are more long term, and will be implemented as the project progresses.
Emily Moser is the Program Manager for the Council of Development Financing Agencies.
“CDFA is pleased to present these additional financing recommendations to support the Grim Hotel redevelopment project,” Moser said. “The City of Texarkana, TX staff and stakeholders are clearly committed to the project. We will continue to support the City as they advance the project, and we look forward to the successful financing and redevelopment of the Grim Hotel.”
The second report offers strategies for financing that follow up on the original comprehensive financing recommendations. The addendum recommendations include: entering into a development agreement with the developer, completing a market and feasibility study, creating a public improvement district (PID), creating a community development corporation (CDC), and seeking expert legal counsel.
Planning and Community Development Director David Orr is the city’s project lead, and is reassured by the CDFA report.
“To me the CDFA report shows that we are on the right track,” Orr said. “All the recommendations have already been considered, or implemented by staff, and that means that this project is as fiscally sound as possible for the city and our taxpayers. It’s nice to have a group of professionals, with no direct ties to Texarkana, telling us we’re headed in the right direction.”
Project Response Team site visits are made possible through CDFA’s Brownfields Technical Assistance Program, funded by the U.S. Environmental Protection Agency. Texarkana was chosen as one of four sites nationwide for a CDFA site visit.
The full CDFA “Grim Hotel Roadmap to Redevelopment” report can be viewed here: http://www.ci.texarkana.tx.us/DocumentCenter/View/4458
For more information, contact Lisa Thompson at firstname.lastname@example.org or (903) 798-1743.