Bristol, VA City Council approves new financing plan for Falls Development hotel
BRISTOL, VA - A new concept hotel targeting millennials is coming to the Falls Development in Bristol, Virginia.
On Tuesday night, the city council voted 4-1 in favor of a motion to approve a new finance plan for the developers. Back in August of 2016, the developer asked for $300,000 that would be paid back with a percentage of lodging taxes across a five year span. But when the developer couldn't get the proper loan, they came back to the council asking for $700,000. The timeline to pay that back would be 10 years.
Councilman Doug Fleenor was the only member of the city council to vote against the motion.
"You can't continue to do the same things you've been doing and expect a different result," he says. "Government has no business in private enterprise under any circumstances, period."
Councilman Kevin Wingard voted in favor of the motion, saying the success of the Falls is crucial to the city so they didn't really have a choice but to approve it.
"We're so far in the negotiation process, it's either going to go or fail right now," he says.
The company in charge of the Falls says bringing a new concept hotel like this to the development is the next step towards attracting more businesses.
"Having a Hilton brand in your project really raises the expectations of your tenants coming," Mike Nidifer tells News 5. "'Oh, you have a Hilton?' If they're in, we're in too."