Lucas County will consider setting aside $1.5 million for its downtown hotel project after the majority owner called on the county to replenish the project’s dwindling cash reserves.
The agenda item in front of the commissioners Tuesday would result in a $500,000 payment to the hotel’s owners, Continental Development Ventures and First Hospitality Group, through the county’s economic development corporation. The remaining $1 million would be held in escrow for future use, according to a county spokesman.
The money would be sourced from the general fund, a spokesman said, however the Lucas County Economic Development Corporation’s board would also have to approve the use of those funds.
Frank Kass of Continental Development Ventures asked the city and county for an “infusion of capital”