The Center City Tax Increment Reinvestment Zone #1 Board is set to consider taking action to fund a “hotel market study by Source Strategies for the Herring Hotel property” during their upcoming April 11th regular meeting.

The board discussed doing a market study during their most recent meeting, held on March 14th. During that meeting, board member Gary Jennings advocated for funding such a study.

“In my opinion, before anybody invests in it, or you get more of a permanent construction, well, they’re going to want to see a pro forma,” said Jennings. “I’ve been in touch with Source Strategies. They’re out of San Antonio and they have, they’re probably the largest or they’ve done the most hotel market analysis or studies in the state of Texas.” Jennings noted the fee for the market study would be $2,000.

One thing which was not mentioned during the March 14th meeting was the fact that the company that owns the Herring Hotel, Herring Hotel Development Company LLC had filed for bankruptcy on March 5th. The bankruptcy filing followed signs of financial troubles for the company in preceding months, as we have previously reported. A meeting with creditors is currently scheduled for April 17th.

The Potter County Republican Party Convention recently passed a resolution calling on the state legislature “to ban tax dollars from being used for bailouts of owners of dilapidated hotel buildings who have filed for bankruptcy or who are currently going through bankruptcy proceedings.”

The Center City TIRZ Board meeting is scheduled for Thursday, April 11th, at 12:00 pm. The meeting will be held in Room 306 of Amarillo City Hall. The agenda for the meeting can be found here.