During Monday night’s City of El Dorado Commission meeting, the Commission decided to set a public hearing for the establishment of a Community Improvement District (CID) Sales Tax in the amount of 2% for the Super 8 by Wyndham located at 2530 W Central Avenue in El Dorado.
The purpose of the CID is to finance the costs of refurbishing the motel.
The estimated costs to acquire, improve, remove, renovate, reconstruct, maintain and/or extend the proposed project is $1,850,000. The City will retain an on-going administrative service fee from the proceeds of the Sales Tax, in an amount equal to 5% of the total eligible costs of the Project, as the administrator of the district.
The proposed sales tax would expire 22 years from the date it’s collection begins, or such lesser number of years as may be required to produce revenues sufficient for the payment of the maximum CID eligible costs of $176,000.
The Commission set a public hearing for February 3, 2020 at 6:30 p.m.
Citizens are encouraged to attend the hearing and ask questions and express concerns regarding the project.