The Savannah-Georgia Convention Center Authority (SGCCA) board amended its hotel-motel tax agreement with the city of Savannah Wednesday, and Savannah City Council followed suit Thursday by approving the amended agreement.
Amending the agreement by both parties was required to help the SGCCA secure bonds to finance its planned hotel on Hutchinson Island. The amendment extends the agreement to 2058 to coincide with an expected bond term and also ensures the SGCCA can use those hotel-motel revenues to repay bonds used to build the hotel.
“We needed to have it specifically approved by the city, and the agreement have specific language that [hotel-motel revenues] could go to this hotel project,” said SGCCA Chairman Mark V. Smith…