Loans From Reading Sought For Downtown Hotel Project

Map of Berks County, Pennsylvania, United Stat...

Map of Berks County, Pennsylvania, United States with township and municipal boundaries (Photo credit: Wikipedia)

The long-planned Doubletree Convention Center Hotel downtown has hit a new snag, and its chief developer – retailer Albert R. Boscov – is asking the city for help.

Boscov told City Council and the administration Monday that the project has lost the $1 million commitment it was counting on from the Lancaster-based Community First Fund.

That fund last week announced it was giving $6 million in federal new markets tax credits to another city project – Shuman Development Co.’s plans for market-rate apartments in the old Big Mill outlets at Eighth and Oley streets – leaving none for the hotel.

Read more: http://readingeagle.com/article.aspx?id=517591

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