Hearing To Consider $3.9 Million Bond Issue For Parkway Plaza
"It's been a long road, but we're very close." That's the word from Casper Businessman, Pat Sweeney, as he looks toward completing the process needed to access a $3.9 million industrial revenue bond that should get the Parkway Plaza back on solid financial ground. The first Casper city council public hearing on the issuance is scheduled for October 16th.
Thousands of dollars in much needed renovation have gone into the hotel since Sweeney took it back from the defaulting buyer in 2009.
Sweeney is quick to note, that while the city of Casper is the issuing authority, it holds no liability and the bond will be paid back. "It's set in statute and it's in all of the documents, that the city is not on the hook, not liable, not responsible, for anything."
He says the majority of the money will go toward property purchase with a small amount left over for continued renovation, which he says should help return the hotel to marketability.