Owners of the Plaza Hotel on Carson Street will ask the city's Redevelopment Authority Wednesday for $100,000 to help pay for facade improvements and landscaping for a 30-room addition.
Redevelopment Manager Joe McCarthy said he is recommending the committee approve the allocation.
"It's inherent that the project has a revitalization component of either eliminating under-utilized eyesores and adding new or rehabilitated projects to our building inventory," McCarthy said. "It adds a vibrant sense of economics that fosters continued investment."
Millard Realty and Construction submitted an application to the city detailing its plans to demolish the older, one-story motel building with 11 rooms behind the Plaza Hotel on Ninth Street. The company plans to construct a three-story building in its place with 30 upscale suites, said Randy Millard, project manager.
"It's a lot nicer," he said. "People like to have a living room area where they can come and relax."
Workers will start tearing out asbestos from the old building this weekend then begin demolition work. Construction is expected to start Oct. 1 and be finished by summer, Millard said.
The redevelopment citizens committee is expected to decide whether to approve granting $100,000 of tax-increment funds to the project Wednesday. The money would be spent on landscaping and facade improvements, Millard said.
If approved, the decision will be forwarded for finalization to the Redevelopment Authority, made up of the city's Board of Supervisors.
Money for redevelopment projects are paid to the city by businesses within the downtown redevelopment district as part of their property taxes.
McCarthy estimates that this year the district will have $550,000 in tax increment funds to distribute for such projects. That plus funds from a bond make up the authority's budget, he said.
"We don't have a lot of money to spend annually," McCarthy said.
Owners of the Fireside Building on East Proctor Street, occupied by the Nevada Commission on Economic Development through June 30, 2009, are also seeking funds for beautification.
Edward Meyer, managing partner of Fireside Investors in Edgewood, Ky., has applied for $7,521 to improve the west wall in the courtyard, replace the roof with a metal roof, replace exterior fascia boards, and extend the roof line.
"Both projects are really good measures of the objectives of downtown redevelopment efforts," McCarthy said.
IF YOU GO
What: Redevelopment Authority Citizens Committee
When: 5:30 p.m. Wednesday
Where: City Hall Capital Conference Room, 201 N. Carson St.