May 5, 2014 8:51 AM by AP (MGN Online)
The Grand Hotel project in downtown Natchitoches has moved another step closer to fruition.
The Town Talk reports the Natchitoches City Council has approved issuing $2 million in taxable revenue notes to help finance the planned hotel, which would be built across the street from the Natchitoches Events Center.
The hotel project has been stymied by financing problems since hotel developer Warren Reuther and the city reached a cooperative endeavor agreement in 2011. Construction had been projected to begin in mid-2012.
City officials are optimistic that the project is moving again.
In February, the State Bond Commission gave permission for the city to issue $2.2 million in taxable revenue notes, but city officials decided to set the amount of the issue at $2 million.
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