80-room hotel being constructed in Polson
A new Red Lion Inn and Suites will be completed in Polson this summer, thanks to help from a U.S. Treasury incentive program.
The New Market Tax Credit program provided $11.4 million for the hotel and attached MacKenzie River Pub and Grill to be built in Polson.
“The thing that struck us most about this project was how well it meshed with the community’s priorities,” said Dave Glaser, president of Montana Community Development Corporation, which helped the hotel apply for the program. “This project will help to increase tourism year-round.”
Glaser said developers hope to have the hotel completed and running by the start of “tourist season” this June.
The three-story, 80-room hotel and attached restaurant will create 42 new full-time jobs and is expected to help bring regional events and conferences throughout the year.
The building will include 3,000 square feet of meeting space, which will be available for use by community groups, nonprofits and schools at reduced or free rates.
The project is currently under construction in Ridgewater Development near the Mission Valley Aquatics facility, which was the last Polson project funded through the New Market Tax Credit program.
The tax credit program encourages the investment of private capital in low-income communities to create new jobs and generate economic activity.
Montana Community Development Corporation provided the $11.4 million in tax credits, while U.S. Bank Community Development Corporation provided a tax credit equity investment and U.S. Bank provided a construction loan for the Red Lion project.
“We have a lot of qualifying areas in Western Montana,” Glaser said, adding that the Community Development Corporation has also helped gain tax credit funding for projects in Havre, Bozeman, Missoula, Helena and Billings.
The program has made $17.3 million worth of development possible in Polson alone, and over $182 million throughout Montana.
Montana Community Development Corporation, a nonprofit organization, helps provide business financing for individuals and businesses looking to help grow communities.
For more information on the New Market Tax Credit program, visit www.cdfifund.gov.