HARRISONBURG — City Council will receive a report from staff on Tuesday with the latest details of a proposed hotel-conference center. The report will describe how $10 million in public money will be funneled into the project.
A Maryland developer, Paul Gladd, has offered a public-private partnership with the city to build a $40 million complex on James Madison University-owned land along South Main Street, between Martin Luther King, Jr. Way and Grace Street. Gladd requests $10 million from the city for the conference center, while he would fund construction of the hotel and lease land from JMU.
JMU would also build a $15 million parking deck to serve the site.
According to a staff report for council’s Tuesday meeting, the city, through the Industrial Development Authority, will set up an economic development program to provide annual grants to the JMU Foundation, which will be used to reimburse the foundation for building the conference center.
The annual grant amount would be based on the revenues generated by the complex.
Staff recommends that council set a public hearing for June 24.
The meeting is at 7 p.m. on Tuesday in council chambers, 409 S. Main St.