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COUNCIL PANEL OKS AIDING DOWNTOWN HOTEL PROJECT

A proposed loan of $8 million out of City Hall's block grant funds to assist financing a new downtown hotel was approved today by the Common Council's Economic Development Committee.

The money would provide interim financing for a 145-suite hotel planned for urban renewal land at the northeast corner of Main and Chippewa streets by Dynamic Enterprises Inc. of Cheektowaga and Journey's End Hotels of Canada.

Community Development Commissioner Laurence K. Rubin said the loan will be secured by a letter of credit or cash and that the loan may be called in on short notice if the money is needed for city projects. Interest is 4 percent.

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