ATASCADERO, Calif.-- Atascadero's dream for a new hotel, took a big step closer to reality.
The city approved the developer's request to defer $610,000 in development fees for five years to get the project started.
The city hopes the $20 million dollar project will spur development in the area.
During the five years of deferment, the developer is still required to make yearly payments to the city with interest.
The full amount would be due at the end of the five years.
The mayor says the project may bring 100 construction jobs and 30 to 40 permanent jobs.
The hotel will be constructed on San Ramon Road near the Home Depot Center and is expected to generate more than $400,000 in new tax revenue.
It should be completed by 2014.
Other cities, like San Luis Obispo, are considering a similar plan. Paso Robles did away with its plan several years ago after its union employees complained.
