The coming expansion of Hotel Carmichael will be a good deal for Carmel taxpayers, according to Carmel Redevelopment Commission Director Henry Mestetsky.
Mestetsky provided an overview of the project’s financial terms – which were approved Sept. 16 by the CRC – during the Sept. 21 Carmel City Council meeting.
“The hotel is growing,” Mestetsky said at the council meeting. “The city’s value in the hotel is growing by $5 million without putting any money in, and our guarantee obligations cut in half.”…