Update on Deal to Renovate 114-year-old Blanche Hotel
After years of discussion, the final agreement for the historic Blanche Hotel renovation and preservation project is expected to be completed by the end of the month.
"The project in total will cost about $15.2 million. Conventional loans will cover about $5.8 million, new market tax credits will cover about $4.5 million, historic tax credits will cover about $2.2 million, and IDP Housing will cover about $1.5 million. The city is also putting in about $1 million from reserves and will pay about $7 million over the course of a 15-year lease to house city hall in the refurbished Blanche," states the Lake City Reporter.
The Blanche has plans for retail, restaurant, condominium and city space to help reestablish its status as the center of activities in town and a symbol of growth and prosperity of Lake City.
Read the entire Lake City Reporter article here.