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Salem's Cobblestone Hotel Granted Tax Abatement

Last updated on Wednesday, October 23, 2013

(SALEM) - The Salem City Council took steps during its meeting Monday to grant a tax abatement for the Cobblestone Hotel project.

The Leader Democrat reports that the board adopted two resolutions. One establishes an economic development target area for the 9.79 acre site on East Hackberry Street where the hotel is under construction. That designation is needed before a tax abatement can be granted.

The other resolution granted 10-year abatements on both property and real estate. Most tax abatements eliminate property taxes for a year, then phases them back in over the life of the abatement.

Cobblestone plans to employ 10 to 12 people.

Council members also learned that the hotel owners have filed a petition to annex that part of the property that is not within city limits, just over three acres.

The council has scheduled a public hearing at 6 p.m. Monday, Nov. 4, in regard to the request and a special meeting for 6 p.m. Tuesday, Nov. 19, to consider the annexation ordinance.

This is the first Cobblestone Hotel to be built in Indiana, it has 25 other hotels in the midwest and more under construction. The two-story facility will have a breakfast area, wine and beer bar, fitness room, small meeting room and indoor pool. The hotel plans to open this spring.

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