Durham commissioners offer incentives to hotel developer
Posted October 23, 2012
Durham, N.C. — County commissioners voted Monday to offer up to $605,000 to a developer looking to build a 54-room boutique hotel in downtown Durham.
Durham City Council voted last month to offer a similar incentive to Gentian Group LLC, which wants to convert the Mutual Community Savings Bank building at 315 E. Chapel Hill St. into a hotel.
Officials said the proposed $11 million hotel would create 89 permanent jobs, as well as 100 construction jobs.
The incentives will be paid out over seven years if the developer hits investment and hiring targets, officials said. No money would be paid until after the hotel opens.