Salisbury City Council has formally set a public hearing for the upcoming Tuesday, Aug. 7, City Council meeting regarding the Empire Hotel proposed master lease. The city council meeting will begin at 5 p.m.
During the public hearing, residents are invited to share their thoughts on the master lease funding proposal which outlines the City’s possible obligation if the Empire Hotel commercial tenant defaults on or cannot cover in full the lease amount. The obligation cost could total $12 per square feet, per year for 13,319 square feet of commercial space equaling $159,828 per year for 10 years. The potential obligation cost will be shared with Downtown Salisbury, Inc. using funds from existing incentive grant programs.
Residents will have two additional opportunities to tour the historic Hotel, learn more about the project and provide feedback at City Hall on Monday, July 30, 5:30 to 7:30 p.m. and on Thursday, Aug. 2, 8 to 10 a.m.
Once completed, the Empire Hotel initiative is expected to bring in an estimated $118,000 per year in revenue, which includes sales and property taxes and other general fund revenue. In addition, Downtown Salisbury Inc. may receive nearly $100,000 following the final sale of the property, as well as save $16,000 per year in its building maintenance costs.
For more information on the Empire Hotel development project, please visit www.empiresalisbury.com or contact Larissa Harper at email@example.com
or (704) 638-5239