During Monday night’s City of El Dorado Commission meeting, the Commission decided to set a public hearing for the establishment of a Community Improvement District (CID) Sales Tax in the amount of 2% for the Super 8 by Wyndham located at 2530 W Central Avenue in El Dorado.
The purpose of the CID is to finance the costs of refurbishing the motel.
The estimated costs to acquire, improve, remove, renovate, reconstruct, maintain and/or extend the proposed project is $1,850,000. The City will retain an on-going administrative service fee from the proceeds of the Sales Tax, in an amount equal to 5% of the total eligible costs of the Project, as the administrator of the district.
(Read more: andoveramerican.com)