Northfield Hotel Project Goes To Council

A new Fairfield Inn & Suites hotel is a step closer to reality in Northfield. The draft terms in the purchase agreement for the proposed development will now go to the Northfield City Council.

According to the Northfield News, Rebound Hospitality, which is heading the project, will need an additional $650,000 in public assistance so that it can go ahead with the project. The development will be just north of Second Street West, next to the condominiums, known as the Crossings.

Rebound will be required to begin construction of the hotel by Dec. 1 of this year and be completed by Dec. 31, 2017.

The city will provide TIF 4 financing up to $300,000, and will be disbursed for developer costs related to the hotel that are eligible. The EDA will also look to provide a low-interest loan of up to $200,000.

In turn, the developer must create at least five full-time jobs within two years of completion, at Rice County median wages for the hospitality industry, or a "living wage," whichever is higher.

Now the decision will go before the council. Depending on how the council votes it will determine the next steps.

A joint work session is scheduled for Tuesday at 6PM.

city of northfield photo