While you will not see a Cobblestone Suites built on Egg Harbor Road, you may see a different hotel fill the void. The City of Sturgeon Bay Finance/Purchasing and Building Committee will consider financial incentives for a proposed Hampton Inn Hotel Project near 12th Avenue and Egg Harbor Road. It is about where a Cobblestone Suites hotel aimed to be built before it failed to reach an agreement to purchase the land. The proposed Hampton Inn will be four stories with 72 standard rooms, eight full-service suites, and other amenities. According to the staff report, the latest proposed incentive is a $2 million payment upon completion of the hotel and a guaranteed $13.9 million minimum assessed value. The annual taxes paid off that value would be the tax increment used by the city to pay back the principal and interest on the $2 million incentive. Based on projections, the city believes the project will be able to generate enough to pay back the principal and interest on the incentive. The city’s financial consultant, R.W. Baird, projects that the hotel could actually generate an additional $700,000 that could be used for other projects in Tax Increment #6. The committee will discuss the topic in open and closed session during their meeting on Tuesday, which will begin at 4 p.m. inside the city’s council chambers.
