PHILADELPHIA-The proposal to provide tax increment financing for the controversial 50-story, W and Element hotel tower here could be voted on by the City Council as early as Nov. 21.
The City Council held a hearing on the TIF financing bill on Thursday and the measure now goes to the full council for consideration. The developers of the $280-million tower, Brook Lenfest and Jeffrey Cohen, say they can't build the project without the TIF that would allow them to borrow $33 million and repay the loan through tax breaks authorized by the city, according to The Inquirer.
Supporters and opponents of the financing deal packed the Council chamber during the five-hour hearing on Thursday A coalition of Center City hotels oppose the 700-room hotel development, saying there isn't enough demand to support the project. The W and Element hotel developers hope to begin construction on Jan. 1, 2014. See story in The Inquirer.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
