A developer says construction can begin on a Four Points by Sheraton Hotel after the Oak Creek Common Council on Tuesday approved a financing measure.
"We're going to be going full speed ahead," said Greg Trapani of the Syner G Hotel Group, the company developing the facility at the corner of College and Howell avenues.
The measure unanimously passed Tuesday includes $4.5 million in developer assistance. That money will come from the property tax increment generated from the development. The property is projected to be worth $21 million.
"This project pays for itself" over 16 to 17 years, City Administrator Gerald Peterson said. It could be sooner if other elements of the plan - two more hotels, a banquet facility, two restaurants and commercial/retail space - come to fruition.
The Four Points by Sheraton hotel will have 107 guest rooms, a full-service restaurant, bar, fitness center, swimming pool, business center and meeting facilities.
Also part of the project is a 1,830-space covered parking lot and valet service for people using Mitchell International Airport. Five percent of gross parking receipts will be payable to the city, under an agreement between Syner G and Oak Creek.
Officials estimate the city will realize $299,000 in the first full year of occupancy.
Oak Creek aldermen and Mayor Dick Bolender lauded the project as one that will generate money for Oak Creek and create jobs.
"This is a revenue stream," Alderman Dan Bukiewicz said, adding, "It's a springboard to a corner that badly needs something. It's actually the gateway to Oak Creek."
Bolender was even more succinct.
"If we passed on this," he said, "we'd be idiots."