City approves transfer of Blackhawk Hotel
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By Tory Brecht | Wednesday, March 26, 2008 |
The path is clear for Restoration St. Louis to take ownership of the Blackhawk Hotel, a move Davenport leaders hope will spark major re-investment in a dark and empty corner of downtown.
Aldermen voted unanimously Wednesday to approve a transfer agreement that will allow Isle of Capri Inc. to sell the Blackhawk to the Missouri re-development company for $1, pending approval of a development agreement between the city and Restoration St. Louis.
Amrit Gill, president of Restoration St. Louis, said the company plans to spend at least $25 million on the renovation. In its development agreement, the company will be asking for significant economic development assistance in the form of tax increment financing and other tools.
Previously, Gill has said the plan is to convert the vacant and deteriorating Blackhawk Hotel into a combination boutique hotel, banquet facility and condominiums.
Tory Brecht can be contacted at (563) 383-2329 or tbrecht@qctimes.com.
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