More Jobs, Tourism for Polson with Development of New Hotel and Restaurant

Polson will soon be home to a new 3-story, 80-room hotel that will create 42 new full-time jobs and catalyze growth in the area.

The hotel will be a Red Lion Inn & Suites with an attached MacKenzie River Pub and Grill. The project was made possible with New Market Tax Credit (NMTC) financing and is the second NMTC project in Polson in two years.

Collaboration between several partners brought the project to reality. Montana Community Development Corporation (Montana CDC) provided $11.4 million in NMTC allocation, while U.S. Bank Community Development Corporation provided a tax credit equity investment and U.S. Bank provided a construction loan. The new hotel will be located in the Ridgewater Development near the Mission Valley Aquatics facility, which also received NMTC financing from Montana CDC.

NMTCs are a federal program designed to encourage private investment for projects that deliver considerable community benefits in low-income communities.

"Polson’s new hotel will create jobs, promote tourism around Flathead Lake, and boost Lake County’s economy for years to come. I’ll keep working with Montana CDC to ensure projects like this receive the resources they need to keep our state a great place to live, work and raise a family," said Senator Jon Tester, a longtime supporter of NMTCs.

"This new hotel will serve as a key component in the continued growth of Polson, creating jobs and providing new economic opportunities for folks in Lake County. I’m excited to see this important project underway," said Senator Steve Daines, who has also voiced support for NMTCs.

Seasonal tourism is one of the primary economic drivers in Polson. In addition to guest rooms, the hotel will include a full-service restaurant and 3,000 square feet of
meeting space for conventions and special events, which will attract regional events and conferences year-round. The conference space will also be available for use by community groups, non-profits, and schools at reduced or free rates.

"From an economic competitiveness perspective, this development in Polson adds much needed conference space for trainings, sporting events and the opportunity to add larger scale community events with increased bed capacity for overnight visitors," Gypsy Ray, Executive Director of Lake County Community Development Corporation said. "Additionally, the project is adding much needed jobs to the local economy."

"The investor group is pleased to develop the Polson Red Lion Inn & Suites which will feature an attached MacKenzie River Pub and Grill. This full service property will complement the continuing development in the area and bring increased economic and social benefits to such a wonderful part of Montana. We thank all parties involved in making this project a reality," said Rick Orizotti, the project developer.

"The jobs and increased economic activity that will result from this development are just a couple of reasons why U.S. Bank is proud to partner with Montana CDC on this project," Maria Bustria-Glickman, vice president of U.S. Bank Community Development Corporation said. "As economies improve, we hope that translates into positive community impacts and benefits for local residents, which is an important aim of the NMTC program."

Since 2009, Montana CDC has provided almost $260 million in NMTC financing to projects throughout Montana and Idaho. For more information on the NMTC Program or other business financing options in Montana, contact Melanie Calahan, Montana CDC Director of Marketing, 406-728-9234, ext. 216, or visit Montana CDC?s website at: http://www.mtcdc.org