City, developer working to position the $64M project for a late summer groundbreaking
ROCKFORD — The city is working with Rockford Local Development Corp. to secure a $12.5 million conventional construction loan to build a 40,000-square-foot conference center as the Amerock hotel project inches forward.
The Rockford City Council in April approved an agreement with Gorman & Company to transform the dilapidated former factory into a four-star Embassy Suites and Rockford Conference Center with 160 rooms, restaurants, lounges, a pool and upscale lobby. City officials are working with the RLDC and developer Gary Gorman to position the project for a late summer groundbreaking.
Gorman will not set a firm start date for the project as he continues to navigate a complex web of financing mechanisms totaling about $64 million. Those include mortgage loans, state and federal historic tax credits, and foreign investments through the federal EB-5 visa program. Those funding sources are in addition to the $12.5 million in city financing for the conference center. Each funding source has its own lawyers, underwriters and requirements.
“It’s going to come together — I am absolutely confident it will happen — but I’m not certain about the date,” Gorman said. “We have six sources of capital and so you can appreciate how complex that is to get them to work toward closing and make sure the terms are consistent with the other five sources.”
Gorman said his efforts to secure foreign investment with the help of former Mayor Larry Morrissey and members of the city staff is…
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