Winston-Salem Mayor Allen Joines —oooohhh—- has called a special Friday afternoon meeting so the City Council can sign off on an S.C. company’s plan to develop the historic downtown Pepper Building.
I probably don’t even need to say that federal stimulus money is involved. The Winston-Journal describes financing as “loan with lower-than-typical interest” that are “available faster than traditional loans, which would allow the company to start construction sooner.” Same basic deal as G’boro’s proposed dowtown hotel, which, by the way, will be the subject of a public hearing at next week Guilford County commissioners meeting.
W-S has been trying to develop the Pepper Building for at least 10 years, so no doubt they’re anxious to sign off on a deal. The reason I can think to hold a special meeting is there’s a deadline on applying for the fed cash.
For what it’s worth, council member Wanda Merschel says she’s “unsure that U.S. Development could finish the renovations and is worried that the city could be left holding the bill.”
Like that ever happens.
Update: Saturday’s Journal write-up—- City Council signs off 7-1 and offers U.S. Development $168,000 in tax breaks.
