Monday, December 9, 2024–7:23 p.m.
-David Crowder, WRGA News-
The Rome City Commission has approved $2 million Tax Allocation District funding for a new hotel at Five Points.
The developer is applying for a TAD to defray the cost of building a 100-plus-room Home2 Suites at 1024 Martin Luther King Jr. Blvd. Under TAD financing, increased taxes from improvements to the site would be funneled back into the project for a set period of time.
The commission will now wait to see if the Floyd County Commission will also participate in the TAD.
Rome City Manager Sammy Rich said the county not participating is a “worst-case scenario” meaning it would take about 12 years for the full $2 million to be paid back.
A vote is set for Tuesday’s county commission meeting.
TAD agreement documents
City Resolution TAD County YES hotel
City Resolution Hilton Home 2 Suites TAD
Hilton Home 2 Suites Development Agreement
Hilton Home 2 Suites Binding MOU
Commissioners also approved rental fees for the coming year for the civic center, city auditorium, community center, history museum, and Fort Norton.
The City of Rome’s 2025 draft budgets went onto First Reading during Monday’s commission meeting.
No one spoke during the first public hearing.
The commission also approved an ordinance amendment that would allow downtown Rome to have a third party come in to handle parking enforcement.
