Investment in Hospitality an Important Economic Development Victory for County
(AMSTERDAM, NY) — In another sign that Montgomery County is a growing destination for people and investment, Valley View Hospitality formally broke ground today on construction of its new, 67-room Microtel by Wyndham Hotels along Route 5S in the City of Amsterdam. The project received economic assistance from both the Montgomery County IDA and the State’s Regional Economic Development Council. It will also be made possible in part through the Montgomery County Revolving Loan Fund administered by the County’s Business Development Center.
“Adding hospitality options in Amsterdam and Montgomery helps us in our efforts to attract new employers, investment and tourists. Hotel construction is a sign that our economic development strategy is working and this project will only increase the attractiveness of our area as we work to build a diverse tax base for the benefit all our residents,” said Montgomery County Executive Matt Ossenfort.
“Valley View Hospitality has demonstrated a long-standing commitment to our area, and we’re proud to have played a key role in making this new endeavor a reality,” said Montgomery County IDA and Business Development Center CEO Ken Rose. “Quality employers need hospitality options conveniently located to their businesses. Having an additional hotel in our area will help us continue to attract investment and demonstrate across the region that Montgomery County is working and a place of real opportunity.”
The company is receiving $1.2 million grant through the state’s Regional Economic Development Council awards and has entered into a 10-year agreement (PILOT) through Montgomery County IDA, which will be allocated proportionally to Montgomery County, the City of Amsterdam and the Greater Amsterdam School District. The company also received a $500,000 loan through Montgomery County.
As a condition for the state grant, Valley View Hospitality, which also operates the Knights Inn, has agreed to create 14 new, full-time positions over the next three years.