Downtown Hotel Bonds Finally Sold, Deal Complete
By: Eugene Daniel
Updated: April 12, 2012
PEORIA- The bonds are finally sold for Peoria's long delayed downtown hotel project.
Peoria city manager Patrick Urich says the money from all parties is exchanging hands and execution of the project is finally kicking off.
That means construction to transform the Pere Marquette into a full service Marriott should begin on May 1st.
The developer will receive $29 million from the bonds. And he says favorable interest rates will help the city save nearly $7 million.
