Maize’s only hotel is planning to undergo at least $2.25 million worth of renovations during the next seven or eight months. The cost of the improvements could be cushioned by a series of public incentives tied to stable ownership and retention of the Holiday Inn Express name.
At its July 6 meeting, the Maize City Council approved the creation of a community improvement district, a document that, among other things, contains the development agreement between the city and the Raju Sheth-led investment group. Sheth, the managing member of the investment group that built the hotel in 2010, has rejoined Maize Hotel LLC and signed the agreement.
Sales within the CID, which is confined to the Holiday Inn Express, will generate an extra 2% in sales tax revenue that will be deferred to the hotel for the next two decades. The agreement also allows the hotel development company to forgo paying sales tax on approved renovation costs through the city’s issuance of sales-tax-only industrial revenue bonds…