Hotel Bonds Sold, Liquidation Begins Friday
By: Blake Long
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 Mariott should begin on May 1st.
The developer will receive $29 million from the bonds. He says favorable interests rates will help the city save nearly $7 million.
A liquidation sale begins at the Pere Marquette Friday. It will run from 10 a.m. to 6 p.m. 7 days a week until everything is gone.
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 Mariott should begin on May 1st.
The developer will receive $29 million from the bonds. He says favorable interests rates will help the city save nearly $7 million.
A liquidation sale begins at the Pere Marquette Friday. It will run from 10 a.m. to 6 p.m. 7 days a week until everything is gone.
