Plans for a new seven-story hotel on the edge of the Kansas University will face a key test Feb. 12.
City commissioners at their weekly meeting Tuesday agreed to set Feb. 12 as the public hearing date for a request to use tax increment financing to help fund infrastructure improvements for The Oread Inn.
Tax increment financing - which is a method that sets aside new tax revenues created by the project to help fund infrastructure costs - has been identified as key part of the project slated for 12th and Indiana streets.
The development group - led by executives of the Gene Fritzel Construction Co. - have said the project can't go forward without the TIF. The Feb. 12 hearing will officially start the clock on approving the TIF. The County Commission and school board will have 30 days following the hearing to veto the use of a TIF on the project.
City commissioners are expected to receive a consultant's report prior to the public hearing that will examine the feasibility of using a TIF to help pay for the parking and other infrastructure related to the project.