URBANA, Ill. (WCIA) — The city has concluded, a proposal to renovate the Landmark Hotel is not feasible.
Mayor Diane Marlin says the major issues were the amount of money the city would have to borrow to finance the project.
The developer requested $9.5 million in city funds for the proposed $24.5 million project. Total cost to the public would have approached $15 million over 20-years.
Marlin said the city would welcome other proposals for the site and has already had recent inquiries.