The Springfield Sangamon Growth Alliance believes spending $19 million in TIF district funds to renovate the Wyndham City Centre would be a good investment for Springfield, despite the hotel’s past challenges.
Current owner Al Rajabi and his Tower Capital Group want to establish a targeted TIF district, and would use the public funds to cover roughly one-third of the cost of renovating the 30-story structure.
It would result in 250 hotel rooms and 200 remodeled “upscale” apartments.
Ryan McCrady with the Growth Alliance tells WMAY that Rajabi will still have to line up financing and meet other benchmarks to get the public funding, but says keeping the hotel open – under the Marriott flag – is critical for downtown tourism and economic development.
Aldermen are expected to discuss the proposal next week.
