The Portsmouth Economic Development Authority approved issuing up to $70 million in tax-free and taxable bonds to finance a hotel and conference center at Victory Village business park, according to The Virginian-Pilot.
The deal must still be approved by the Portsmouth and Norfolk city councils, which would take on the project’s debt. State Sen. Louise Lucas, D-Portsmouth, wants to build the 200- to 250-room hotel and 50,000-square-foot conference center by 2010.
Lucas proposes funding the project with $32 million in tax-exempt enterprise zone bonds and $32 million in taxable bonds, according to the Pilot.
The project would be developed close to the new Tidewater Community College campus, which is currently under construction.
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