The Valparaiso City Council has finalized financial arrangements for the Grand Gardner Hotel project. Urschel Development plans to re-purpose the 1899 Gardner School that for decades housed the Boys & Girls Club into a 58-room hotel, bar and event venue. The total cost is now expected to be more than $43 million.
The city council unanimously passed an ordinance Monday to issue up to $6,817,000 in economic development revenue bonds, following the approval of the city's economic development commission.
Development Director George Douglas said that will be paid back with TIF revenues over the next 25 years. "The company would not develop this project without the financial assistance provided in the finance documents," Douglas told council members. "The project furthers the economic development and redevelopment of the allocation area and area in general."
