We learned this morning that Crowne Plaza developer Devang Patel wants to terminate his agreement with the Town of Normal for the multi-million redevelopment of a Crowne Plaza Hotel and Conference Center.
The item will be on next Monday night’s Normal Town Council agenda.
In a way, it’s a relief.
It means they will attempt to complete the work without any tax increment financing assistance from the Town which would have come in the form of hotel-motel tax rebates after the property opened for business.
The developers told the Pantagraph they are confident they can attract private investors to the project.
In the end, Normal Hospitality, LLC could not meet Wednesday’s deadline for submitting paperwork demonstrating that the company fulfilled its obligation under state TIF law to pay prevailing wages to all construction workers on the job.
Now, Patel and Normal Hospitality, LLC, their general contractor and their sub contractors will be free to hire anyone they want for whatever wage.
In the meantime, their check for the water bill on the construction site has yet to clear, so the water remains off at the Crowne Plaza.
They appear fairly close to finishing the project. Let’s hope they can pull it off.
As an insurance policy, we probably ought to keep the TIF district in place, just in case the current developers stumble and someone else ends up owning the property.