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125 Room Hotel
Oliver Tyrone Pulver Corporation will construct a 125 room hotel on a vacant parcel adjacent to the West Brandywine Creek in the City of Coatesville. The site is on route 82 immediately south of the Coatesville-Downingtown By-pass. As the first phase of a larger development, the Oliver Tyrone Pulver Corporation will receive $1 million of BEDI funds and $4 million in Section 108 funds to acquire and clean up the site. It has been transferred from the RDA to the Oliver Tyron Pulver Corporation for $250,000 once construction began. The first phase is estimated to create over 100 full-time jobs and cost in excess of $20 million. The 108 funds will be used to offset construction costs and all the BEDI funds will be put into a debt reserve account to provide security for the Section 108 loan. The project is scheduled to break ground in the Fall of 2009. This project, together with the $17 million, 90,000 square feet office complex at the intersection of PA Route 82 and PA Route 340, has already been pledged $12 million in funding towards the $35 million project from HUD and the Governor's Office. |
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