The Journal Gazette
 
 
Monday, November 25, 2019 2:08 pm

Verbatim: Commissioners to Consider Lease Extension for Hotel Property

25-year extension would allow Holiday Inn to make future upgrades

The following was released on Monday, November 25, 2019:

(November 25, 2019) —The Allen County Board of Commissioners is being asked to consider extending a lease agreement that will allow a hotel to make future upgrades to its facilities.

The Holiday Inn-Purdue Fort Wayne on Paul Shaffer Drive across from the Allen County War Memorial Coliseum was opened 10 years ago. It was constructed on a 4.8 acre site that was part of approximately 100 acres leased in 1960 by the county to what was then the Indiana University-Purdue University Fort Wayne Foundation. That 99-year lease for $1 a year is now with the Purdue Fort Wayne University Foundation and is set to expire in 2059.

Now, the hotel’s owners are asking the commissioners to extend the lease covering its portion of the property for another 25 years so it can get bank financing to make any future upgrades. If approved, the lease for that portion would run until 2084. The rate would remain at $1 per year.

The Board of Commissioners is expected to take up the matter sometime in December.


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