The Lawrence City Commission will not consider special tax financing options for The Oread Inn at their weekly meeting tonight, as originally planned. The item has been deferred from the commission agenda to the Nov. 13 meeting.
Developers of the seven-story hotel proposed for 12th and Indiana streets near the Kansas University campus have asked city leaders to use tax increment financing and a transportation development district to fund infrastructure improvements associated with the project. The improvements include upgrades to 12th Street and Oread Avenue and a new parking garage to serve the hotel. A new report shows that approximately $10 million of the total $30 million project would be financed through the special mechanisms.
City officials deferred the item after hearing some public concerns it was too early in the process to approve or consider such funding - the commission has not yet approved the plans for the hotel.