Nutter’s Plan To Give Tax Break To Hotel Developer Upsets Some
“Mayor Nutter’s plan to give a tax break to a developer who wants to build two new hotels in Center City has drawn protests from other hotels in town. The plan comes before City Council later this week.
A city council committee on Thursday will debate Mayor Nutter’s plan to give a tax break known as a TIF (Tax Increment Financing) for a planned hotel complex at 15th and Chestnut. That site once held an office building that was torn down after the 1991 Meridian fire and is now a parking lot.
The current owner, Brook Lenfest, plans two hotels at the site: an “Element” and a “W.” Nutter says the resulting 700 rooms will be needed if the Convention Center is able to book two major gatherings at the same time.”
Dunn, Mike. 4 November 2013.