Casey Moves Forward with Hotel Feasibility Study and TIF District Analysis

Casey City Council approved two economic development initiatives Monday night aimed at increasing tourism revenue and expanding development opportunities in the community.

Council members unanimously approved a hotel feasibility study that will cost up to $15,000 in two phases. The first phase, costing $7,500, will determine whether Casey can support a hotel or motel. If the study shows positive results, the city will invest another $7,500 for the second phase of analysis.

“This is the first step in looking at whether we’re eligible and whether it would be marketable for a new motel or hotel in the future,” Economic Development Director Tom Daughhetee explained.

The council also approved moving forward with a Tax Increment Financing (TIF) district analysis costing up to $5,000. The study will determine whether Casey qualifies to establish a TIF district and examine how it would work with the existing enterprise zone and business district.

TIF districts allow municipalities to capture increases in property tax revenue within designated areas to fund development projects. The analysis will include financial projections about potential revenue and examine possible uses for TIF funds, including residential development.

Daughhetee noted that Moran Economic Development, which previously worked on Casey’s business district, will conduct the TIF analysis. He expects the study to take about two weeks since the firm already has extensive knowledge of the community.

Both initiatives represent the city’s ongoing efforts to increase tourism revenue and attract new development. Officials have cited the need for additional revenue sources, particularly as demands for city services and events continue to grow.

If the hotel feasibility study shows positive results, a new lodging facility could significantly boost the city’s motel tax revenue, which currently generates about $40,000 annually.