City of Racine - File #: 0055-20

• File #: 0055-20
• Version: A
• Name: Subject: A request to approve the Purchase, Sale and Development Agreement between the City of Racine and Racine Convention Center Hotel, LLC (RCCH), for the Public/Private Development of a 171-Unit, first-class, full-service, Hotel and Convention Center
• Type: Communication
• Status: Passed
• File created: 1/23/2020
• In control: Finance and Personnel Committee
• Final action: 2/4/2020
• Title: Subject: Communication sponsored by Mayor Mason requesting to approve the Purchase, Sale and Development Agreement between the City of Racine and Racine Convention Center Hotel, LLC (RCCH), for the Public/Private Development of a 171-Unit, first-class, full-service, Hotel and Convention Center which shall include the City of Racine funding $21 Million in additional convention, meeting, break-out, pre-function, banquet, and “back-of-house” support space associated with the publicly-owned Festival Hall property. Recommendation of the Finance & Personnel Committee on 01-27-2020: To recommend and approve of the Purchase, Sale and Development Agreement between the City of Racine and Racine Convention Center Hotel, LLC (RCCH), for the Public/Private Development of a 171-Unit, first-class, full-service Hotel and Convention Center which shall include the City of Racine funding $21 Million in additional convention, meeting, break-out, pre-function, banquet, and “back-of-house” support space as...

Date	Ver.	Action By	Action	Result
2/4/2020	A	Common Council	Adopted	Pass
1/27/2020	A	Finance and Personnel Committee	Recommended For Approval	Pass

Title

Subject: Communication sponsored by Mayor Mason requesting to approve the Purchase, Sale and Development Agreement between the City of Racine and Racine Convention Center Hotel, LLC (RCCH), for the Public/Private Development of a 171-Unit, first-class, full-service, Hotel and Convention Center which shall include the City of Racine funding $21 Million in additional convention, meeting, break-out, pre-function, banquet, and “back-of-house” support space associated with the publicly-owned Festival Hall property.

Recommendation of the Finance & Personnel Committee on 01-27-2020: To recommend and approve of the Purchase, Sale and Development Agreement between the City of Racine and Racine Convention Center Hotel, LLC (RCCH), for the Public/Private Development of a 171-Unit, first-class, full-service Hotel and Convention Center which shall include the City of Racine funding $21 Million in additional convention, meeting, break-out, pre-function, banquet, and “back-of-house” support space associated with the publicly-owned Festival Hall property

Fiscal Note:Approximately $21M anticipated project budget funded through 20-year general obligation debt issue. Principal and Interest to be provided over life of issue through the following possible sources as needed:  $10.5M TID #9 capture, $3M Intergovernmental Revenue Sharing Funds, 100% of this developments Hotel Room Taxes and 50% of 500 Main Street Hotel Room Taxes, Naming Rights revenue, TID#24 undesignated increments, Convention Center Lease Revenues.