City council has approved a grant of almost $450,000 to help developers of a Slater Street hotel.
The Brownfields Rehabilitation Grant for 199 Slater St. was one of three grants awarded at a Feb. 12 council meeting. “Brownfields” are sites that show contamination or deteriorating structures.
Often times, these are abandoned commercial properties. The Slater Street property used to be an old parking lot.
The city will provide Broccolini Construction, the developers of the 22-story hotel to be built at 199 Slater St., with $445,776 over 10 years, according to the city council report.
The report says the money will be more than returned. One year after the grant ends, $609,000 is expected in new annual tax growth.
One of the other grants was issued to a property at George and Dalhousie streets. The final grant was awarded to Cadillac Fairview Corporation, owner of the Rideau Centre, which is undergoing an expansion project.