New incentive package for Wyndham City Centre approved by commission, heads to council

SPRINGFIELD, Ill. (WAND) - The Springfield Community and Economic Development Commission approved a resolution for a $18.75 million incentive package for renovations at the Wyndham City Centre.

The Commission said the Wyndham would become a sole project TIF designation. The incentive package would include this TIF designation as well as the Hotel/Motel Tax and the state sales tax.

The current plan would make the hotel a Delta Marriot property with at least 250 hotel rooms and up to 200 apartments. The renovation is expected to cost an overall $58 million.

"The owner of the structure struggles because financing to do a renovation of a structure that big is now challenging due to the pandemic," said Ryan McCrady, the President and CEO of the Springfield Sangamon Growth Alliance. "The best way we can continue to support the tourism industry and help the owner get financing is to allow these multiple streams of revenue for the property to allow them to get financed."

The apartments would range from studio style to 2-bedrooms. Developers say these apartments will have market rate rent prices.

Scott Larsen, the President of Operations for Sky Capital Group, which owns the Wyndham, says this proposal would open up more opportunities for Springfield.

"There's not another full service Marriott within 60 to 65 miles of here," says Larsen. "Marriott's global sales team, they're the 800 pound gorilla in the industry, they are going to help Scott Dahl's team drive additional business into Springfield that we may not have had access to before. Some of those conferences that demand to stay in full service Marriott had have not looked at Springfield previously will now take a look at Springfield, Illinois."

Springfield Tourism Director Scott Dahl says the new agreement allows the city to still fulfill contracts with the conferences that have already booked.

The Springfield Committee of the Whole is set to vote tonight on moving the new plan onto the city council. There could be a final decision on the future of the property by March 21st.