An advisory group helping plan the Hotel Grim's redevelopment has made a second report to the city of Texarkana, Texas.
The report from the Council of Development Finance Agencies recommends five strategies for the Hotel Grim project, according to a city news release.
CDFA advises the city to enter into a development agreement with the project's developer, complete a market and feasibility study, create a public improvement district, create a community development corporation, and seek expert legal counsel.
"We will continue to support the City as they advance the project, and we look forward to the successful financing and redevelopment of the Grim Hotel," CDFA program manager Emily Moser said.
CDFA last made recommendations to the city in a 2015 report. The new report is based on a second visit to the Grim by the CDFA team, which took place earlier this year.
"To me the CDFA report shows that we are on the right track. All the recommendations have already been considered, or implemented by staff, and that means that this project is as fiscally sound as possible for the city and our taxpayers. It's nice to have a group of professionals, with no direct ties to Texarkana, telling us we're headed in the right direction," said David Orr, city director of planning and community development.
CDFA is "a national association dedicated to the advancement of development finance concerns and interests" comprising "state, county and municipal development finance agencies and authorities that provide or otherwise support economic development financing programs as well as a variety of non-governmental and private organizations," according to the group's website.