Officials hope to open Presque Isle hotel next month

By Jen Lynds, BDN Staff
Posted June 12, 2009, at 12:31 a.m.

PRESQUE ISLE, Maine — Hotel officials are eyeing a July 31 opening to introduce travelers to a 93-room Hampton Inn being built in Presque Isle.

Joshua Cushing, general manager of Hampton Inn Presque Isle, said earlier this week that construction on the 768 Main St. hotel is going “very well.”

“Construction started on time and it continues on schedule,” he said. “We hope to open on July 31.”

Last March, city councilors established a tax increment financing, or TIF, district for Yarmouth-based BLD Properties LLC so it could build the hotel.

The TIF district exists where the four-story inn is being built on the site where the armory once stood.

Intended as an economic development device, TIF aims to attract investment in a specific portion of a town. TIF districts are meant to stimulate economic development, guard or create jobs, and encourage investment to bolster business growth.

The TIF contract includes a 10-year credit enhancement agreement on new assessed value of real estate. The credit enhancement agreement will return a portion of the TIF revenues to the company over a decade.

The inn is expected to bring jobs to the area, increase the tax base of the city, enhance tourism and economic development, and already it has provided construction jobs for local vendors and contractors.

Cushing said this week that the hotel will be “a great addition” to the city.

“The inn will have a heated indoor pool, a fitness center and a business center with a copier, fax machine and other amenities,” Cushing said. “It also will have meeting space and a boardroom. It really is going to be great.”

BLD Properties LLC also serves as managing partner of the Hampton Inn in Freeport, the Hilton Garden Inn in Freeport and the Hampton Inn in Waterville.

The inn is expected to have an estimated $4.5 million to $6 million financial impact on the city’s restaurant, retail and recreational sectors.

Cushing said that the inn will employ approximately 30 full- and part-time employees who will begin working at the end of this month.

jlbdn@ainop.com

538-6567

http://bangordailynews.com/2009/06/12/business/officials-hope-to-open-presque-isle-hotel-next-month/ printed on August 23, 2014