The Newton City Council passed a $125,000 economic land grant and partial property tax rebate resolution to partially fund the renovation of a local hotel located next to the Valero gas station at 4300 S. 22nd Ave. E., with Boulders Inn and Suites during Monday night’s meeting.

The hotel chain is based out of Denison and entered into a preliminary agreement with Bank Iowa to purchase the unfinished hotel. The hotel is expected to open in time for Iowa Speedway’s season and construction will begin immediately. 

Once the project is complete, the city should have a new 42-unit hotel valued at $1.5 million.