Hotel Grim Redevlopment Effort Gets Boost with Visit from National Agency

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Steps to revitalize the Hotel Grim in downtown Texarkana is moving forward with the city announcing a visit from one of the nations leading agencies on redevelopment finance agencies.


In a press release from Ms. Lisa Thompson:

The City of Texarkana, Texas was selected as one of four cities nationwide for a site visit from the Council of Development Finance Agencies (CDFA). A Project Response Team comprised of CDFA staff and technical assistance partners will visit Texarkana June 15th -19th, 2015.  The team will focus on the redevelopment possibilities for the Hotel Grim property and will address financing challenges related to the project.
Director of Planning & Community Development, David Orr, explains that this is another way for the city to explore all funding options related to the Grim project.
“This is a great opportunity to work with the Council of Development Finance Agencies (CDFA) & redevelopment finance professionals to leverage multiple sources of public funding to solidify the Hotel Grim project,” said Orr. “The Council of Development Finance Agencies is the nation’s leading association dedicated to development finance and is comprised of many of the most knowledgeable members of the development finance community representing over 400 public, private and non-profit development entities.”
City staff will work with the site visit team to assemble stakeholders and encourage participation, schedule meetings, and provide workspace for brainstorming sessions. After the site team visit, city staff will work to implement the Project Response Team’s recommendations. This site team visit will coincide with ongoing work the Grim Project work team has been doing, of which interested developer Jim Sari and property owner Billy Harrell have been instrumental.
Economic Development Director, Jerry Sparks, was active in presenting the Grim project for selection during a CDFA Project Marketplace conference call.
“The Response Team should be able to help us determine the best means to leverage municipal investment in the downtown projects and more specifically the Grim Hotel,” Sparks said.
Project Response Team site visits are made possible through CDFA’s Brownfields Technical Assistance Program, funded by the U.S. Environmental Protection Agency.

 For more information, contact Lisa Thompson at 903.798.1743