The city of Ashland has approved a plan to sell $4.6 million in general obligation bonds to kick off a more than $30 million in investments in its downtown. Plans call for an upgraded hotel, a new convention center and expanded parking.
The bonds would be used to incentivize a private operator to develop a $16 million Marriott hotel and be backed by a tax-increment financing approved by the city and Boyd County Fiscal Court.
The city also plans to use $14 million from the TIF funds to build a parking garage and convention center near the former site Ashland Oil’s headquarters.
City officials hope the new downtown developments will stimulate economic growth and create additional jobs for the area.
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