The New Market Tax Credit (NMTC) program was created to incentivize community development and economic growth to attract private investment to distressed communities. The revitalization of Hotel St. Cloud and the surrounding blocks of downtown Canon City Colorado fit that description well. If not for the allocation of NMTCs the project may have not happened. Unbridled, an event management company based in Denver, purchased the 26,000 sf Hotel St. Cloud in 2018. It appeared Unbridled might have to set aside the project due to rising building costs after the pandemic; however, with the help of many private and public parties, including a $3 million Community Revitalization Grant from the Colorado Office of Economic Development and International Trade (OEDIT) and a New Market Tax Credit financing of $9 million from Colorado Enterprise Fund (CEF), this project will break ground November 2022. This $15 million renovation project of a 19th-century building will include a new bar, three restaurants, and a boutique hotel.
Hotel St. Cloud is one component of several larger initiatives in Canon City focused on the renewal and revitalization of downtown to spur tourism and bolster the local economy. The revitalization efforts will create quality, living wage jobs to ensure a diverse economic base, a resilient and growing tax base, and long-term economic vitality for local businesses. As a result of CEF’s NMTC financing, the Hotel St. Cloud will create 59 full-time equivalent construction jobs and 39 full-time equivalent permanent jobs. To extend employment opportunities to individuals who might otherwise have difficulty finding a job, Unbridled has formed partnerships with two organizations that assist individuals with a history of mental health issues, substance abuse, houselessness, and incarceration to build job skills and find employment.
Unbridled’s commitment to Canon City goes beyond Hotel St. Cloud as they have invested in multiple properties in the downtown area. With Unbridled and the city of Canon City focused on revitalizing and building business, CEF is excited to see this community get the attention they need to create economic growth and make Canon City a great place to live and visit.
CEF was recently awarded another $45 million in NMTC allocation by the Community Development Financial Institution Fund of the U.S. Treasury and plans to deploy this through transformative projects that impact the people and communities CEF serves.
To learn more about Hotel St. Cloud, please visit: https://thehotelstcloud.com/ and https://www.fox21news.com/features/we-are-canon-city/main-street-landmark-under-renovation/