Clear Lake council to consider letter of support for Redevelopment Tax Credits application for Oaks Hotel Project

CLEAR LAKE — The Clear Lake City Council tonight is being asked to approve a letter of support from the city for the application of Redevelopment Tax Credits associated with the Oaks Hotel Project near the Surf Ballroom.

The tax credits are a state offered tax incentive that is designed to help defray the costs of site cleanup from contamination of previous sites. City Administrator Steve Diers in a memo to the council says the tax credits, which could be up to $1.5 million in value, would be granted from the need for asbestos abatement from the former Hilltop Hotel site where the Oaks Hotel is proposed.

Diers says the letter of support would not only show the city’s support of the hotel project, but it allows further discussion to occur on the project as a whole. The council is being asked to approve the letter of support since the tax credits application is due on September 1st.

The Clear Lake City Council meets at 5:30 tonight in City Hall.