Horizon Rentals to renovate old Hannibal motel

Published: Nov. 22, 2021 at 5:12 AM CST
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QUINCY (WGEM) -Horizon Rentals recently bought the former Bestway Inn property from the city of Hannibal, with plans to redevelop the site into extended-living quarters.

Hannibal and Horizon Rental officials agreed the rundown motel was an eyesore to those entering downtown Hannibal. Horizon paid the city $2,870 for the property. The city also agreed to give Horizon a 50% property tax discount for 15 years as an incentive.

Horizon in turn will invest more than $1 million into the lot to turn it into extended-living quarters for traveling workers, such as nurses and workers for corporations.

Hannibal Regional Economic Development Council Executive Director Corey Mehaffy said that this was a better alternative and eases the burden on the taxpayers, noting that if they decided to demolish the property, it would have cost between $4,000 and $5,000. He said the incentives are a way to offset the costs.

“It makes much more sense for us to leverage private investment, so typically incentive programs like this are used to leverage that private investment,” Mehaffy said.

Horizon has already started cleaning and renovating the property. They hope to have the first building complete by late spring., the second one by next fall and the third one by the winter of 2022.

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