The developer for a proposed W Hotel at 1441 Chestnut St. in Philadelphia is on the cusp of receiving tax increment financing for the $280.4 million project.
A bill was introduced by Darrell Clarke, Philadelphia City Council president, and Councilman Bill Greenlee, to designate the site at 1441 Chestnut as a “Headquarter Hotel Tax Increment Financing District” and deem the parcel as blight. The property sits across from City Hall and next to the Ritz Carlton.
If that bill passes, the project would receive $33 million in tax incremental financing (TIF), according to the bill. The tax incremental financing would go into effect Jan. 1, 2014, when construction of the project is expected to begin, and run for 20 years.
In addition, the project is seeking to receive a total of $75 million in tax-payer subsidies. The developer would put up $205.4 million.
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Photo Credit: Tierney Agency