(Neb)-Holiday Inn Express To Open Next Wednesday
CHADRON - The final pre-opening touches are being made at the new Holiday Inn Express in Chadron. Mike Works, a principal for the development group behind the motel, says everyone is excited it will open next Wednesday, May 24th.
Groundbreaking ceremonies were held last July for the $7.4-million dollar 3-story building with 68 guest rooms, swimming pool, fitness center, meeting room, and business center. Works says there will be a grand opening, but not until next month...after the inevitable opening bugs are worked out.
Financing for the project includes private equity of more than $1.5-million dollars, tax increment financing or TIF totaling $800,000 for infrastructure, and 2 loans from Chadron's LB 840 economic development sales tax.
One loan is for 15-years and $200,000 at 3.25% interest with the other running 10-years at the same interest rate for $250,000 but it will be forgiven if Work's local LLC - Chadron Hospitality - meets a set of criteria that includes creation of 10 FTE jobs or a $250,000 payroll.
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