City provides incentives for proposed inn

A proposed Cobblestone Inn with the same number of rooms as the one in Waverly received a financial incentive to locate in New Hampton on Monday, and the city will still gain some new money from the venture.That’s because New Hampton City Council approved rebating a flat 50 percent of the 7 percent hotel-motel tax the business generates for the first five tax years it will be in town, and after year five, the city will collect 100 percent of the location’s hotel-motel tax.A 45-room hotel is planned, and private investors exist within the community, Economic Development Director Tammy Robinson said.Waverly has a Cobblestone Hotel that went in a few years ago on East Bremer Avenue, and it, too, has 45 rooms, a spokeswoman said.Robinson spoke with Waverly officials.— For more on this story, see the April 5 New Hampton Tribune.