Hapeville Development Authority discusses a new hotel project

The Hapeville Development Authority will discuss the Solis Hotel project during its meeting at 6:30 p.m. Thursday at Hapeville City Hall, 700 Doug Davis Drive.

Acron 2 Porsche Drive, Atlanta LLC, plans to build the hotel with 214 rooms in Hapeville, and as incentive to build there, the city, through the development authority, would enter into an agreement that will reduce the property taxes payable by Acron.

The development of the hotel would be partly financed by the issuance of revenue bonds by the development authority. In connection with the issuance of the revenue bonds to be purchased by an affiliate of Acron, the development authority would become the owner of the hotel and rent it back to Acron in return for rental payments equal to the debt service payments on the bonds. The development authority would bear no responsibility for the payment of the bonds if the project fails.