Nacogdoches' Hotel Fredonia could benefit from new legislation - KTRE.com | Lufkin and Nacogdoches, Texas

Nacogdoches' Hotel Fredonia could benefit from new legislation

A bill approved by the legislature will allow a portion of the Nacogdoches hotel-motel tax be used for the renovation and restoration of the Hotel Fredonia. (Source: KTRE Staff) A bill approved by the legislature will allow a portion of the Nacogdoches hotel-motel tax be used for the renovation and restoration of the Hotel Fredonia. (Source: KTRE Staff)
General Counsel for Texas Bank Paul Clark said the due diligence contract with Richard DeWitt will be extended for another 30 days. (Source: KTRE Staff) General Counsel for Texas Bank Paul Clark said the due diligence contract with Richard DeWitt will be extended for another 30 days. (Source: KTRE Staff)
DeWitt is conducting a feasibility study before deciding if he will purchase the foreclosed property. (Source: KTRE Staff) DeWitt is conducting a feasibility study before deciding if he will purchase the foreclosed property. (Source: KTRE Staff)
NACOGDOCHES, TX (KTRE) -

The Hotel Fredonia could benefit from legislation written and approved specifically for the foreclosed hotel's benefit.

The bill allows a portion of the Hotel Occupancy Tax collected in Nacogdoches to be used for the renovation and reopening of the Historic Hotel Fredonia and Convention Center.

State Rep. Travis Clardy, R-Nacogdoches, ushered the legislation through.

Meanwhile, Texas Bank attorney Paul Clark says a 30-day extension on the 90-day due diligence contract is in the works. That would give Nacogdoches businessman and restaurant owner Richard DeWitt until at least the third week in July to decide on the business deal.

DeWitt is conducting a feasibility study. Bankers said previously that expenses could add up to over $6 million.

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