2003 Section 108 Project Summary - Georgia

Information by State  Print version

Economic Development

Hotel Development Project
BORROWER: ALBANY
STATE: GA
COMMITMENT AMOUNT: $5,500,000

The City of Albany, GA has been awarded a $5,500,000 loan guarantee under Section 108 assist in financing the construction of a 120-room hotel to be built adjacent to a 20,200 s.f. conference center. The 2.71-acre site has been assembled by Albany Tomorrow, Inc. (ATI), a non-profit corporation, on behalf of the City and Dougherty County, in conjunction with the Albany Downtown Riverfront Master Plan. The project is located in the City's Federally-designated Enterprise Community area and HUD-approved Neighborhood Revitalization Strategy Area. Hilton Hotels, in accordance with an Agreement in Principle with Albany Holdings, will also provide marketing and promotional support for the hotel as part of its franchise agreement. The City will loan the Section 108 funds to Albany Holdings. Upon completion, the hotel will generate 50 new full-time positions. The activity will meet the criteria for the national objective of area benefit to low- and moderate-income persons through the creation of jobs in an HUD-approved neighborhood revitalization strategy area.