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File #: 0620-22    Version: A Name: Subject: Communication sponsored by Mayor Mason seeking approval to enter into a TIF Incentive Agreement with The Main Attraction, LLC, regarding the Verdant Hotel project at 500 Main Street.
Type: Communication Status: Passed
File created: 8/24/2022 In control: Finance and Personnel Committee
On agenda: 9/6/2022 Final action: 9/6/2022
Title: Subject: Communication sponsored by Mayor Mason seeking approval to enter into a TIF Incentive Agreement with The Main Attraction, LLC, regarding the Verdant Hotel project at 500 Main Street. Recommendation of the Finance and Personnel Committee on 8-29-2022: To authorize and direct the Mayor and the City Clerk to enter into a TIF Incentive Agreement with the Main Attraction, LLC and execute any and all necessary documents associated with this agreement. Fiscal Note: The City will issue a municipal revenue obligation (MRO) in the amount of $2,500,000 around 5.5% annual interest. The obligation will be payable to the developer based on tax increment received within the TIF District #26. If increment is not produced, payment will not be made to the developer. Total amount of “pay go” distribution under this agreement is expected to be $3.3 million over a 10 year period. The District anticipates adequate funding for this arrangement.
Attachments: 1. ABM Hotel Verdant Pay go, 2. #0620-22 Resolution

Title

Subject: Communication sponsored by Mayor Mason seeking approval to enter into a TIF Incentive Agreement with The Main Attraction, LLC, regarding the Verdant Hotel project at 500 Main Street.

 

Recommendation of the Finance and Personnel Committee on 8-29-2022: To authorize and direct the Mayor and the City Clerk to enter into a TIF Incentive Agreement with the Main Attraction, LLC and execute any and all necessary documents associated with this agreement.

 

Fiscal Note: The City will issue a municipal revenue obligation (MRO) in the amount of $2,500,000 around 5.5% annual interest.  The obligation will be payable to the developer based on tax increment received within the TIF District #26.  If increment is not produced, payment will not be made to the developer.  Total amount of “pay go” distribution under this agreement is expected to be $3.3 million over a 10 year period.  The District anticipates adequate funding for this arrangement.