Review and Discuss Sheraton Gateway Hotel and Events Center Project Guaranteed Maximum Price (GMP) provided by Gateway Hotel One, Ltd.
Summary
MEETING DATE: April 1, 2014
DEPARTMENT: City Manager
Development Services
CONTACT: Robert Daake, PE - Deputy City Manager
Patricia L. Jackson, PE - Facilities Construction Manager
RECOMMENDED CITY COUNCIL ACTION:
· N/A
ITEM SUMMARY:
· This item is a project update to review and discuss the Guaranteed Maximum Price (GMP) received from Gateway Hotel One, Ltd.
BACKGROUND INFORMATION:
· The City of McKinney previously executed a development agreement related to the design, construction, financing and management necessary to complete the Sheraton Gateway Hotel and Events Center project.
· The GMP provided requires additional funding to be established.
FINANCIAL SUMMARY:
· Funding for these additional services will be made available with a budget amendment in the Capital Improvements Program FC3254.
BOARD OR COMMISSION RECOMMENDATION:
· N/A