Price City gets $1 million USDA loan to help with West River hotel
With a new hotel set to be built within the next 15 months, Price City will be on the receiving end of a loan from the USDA to help with the construction.
Agriculture SecretaryTom Vilsack announced on Thursday that the USDA is helping to create jobs and spur economic development by investing in rural businesses across the country.
"These investments will help businesses expand, help rural communities grow their economies and help support the community-based development goals of the Obama administration," Vilsack said in press release. "USDA is providing loans and grants to our local partners who can leverage this money with funds from other sources for projects that will have broad economic impacts."
The funding is coming from the USDA's Rural Economic Development Loan and Grant (REDLG) program. Within the program, the USDA is providing zero-interest loans to utilities that lend to local businesses for projects to create and retain employment in rural areas, according to the release. The revolving loan funds broaden the program's reach and create a multiplier effect for its impact.
In Price, the USDA is giving the city a $1 million loan to help out with the construction of a new hotel in the west Price area, near Westwood Boulevard and just off Highway 6.
Price City is helping West River Hospitality, LLC, to construct the hotel which will be under the banner of a Holiday Inn Express.
The project will cost $9 million, according to Nick Tatton, Price City community director. The hotel is expected to help create 35 jobs in the area.
Another city in Utah is expected to see funding from the program as well. Morgan City Corporation will receive a loan of $642,000 to help Morgan Hotel Investors, LLC for a hotel project within the city.
The new hotel in Price is projected to be completed in March 2015, Tatton said.
To view the complete list of recipients for the Rural Economic Development Loans and Grants and Rural Business Enterprise Grants, visit http://www.rurdev.usda.gov/RD_Loans.html.