File #: 13-843    Name: Amendment to the Hotel and Event Center Development
Type: Agenda Item Status: Approved
In control: City Council Regular Meeting
On agenda: 8/20/2013 Final action: 8/20/2013
Title: Consider/Discuss/Act on an Amendment to the Hotel and Event Center Development Agreement by and between the City of McKinney, the McKinney Community Development Corporation, Gateway Hotel One, Ltd, and Champ-Beck Development, LLC
Attachments: 1. Amendment to Escrow Agreement, 2. Amendment to Hotel and Event Center Dev. Agreement, 3. Amendment to Termination of Agreement
Title
Consider/Discuss/Act on an Amendment to the Hotel and Event Center Development Agreement by and between the City of McKinney, the McKinney Community Development Corporation, Gateway Hotel One, Ltd, and Champ-Beck Development, LLC
 
summary
MEETING DATE:      August 20, 2013
 
DEPARTMENT:       City Manager
 
CONTACT:              Jason Gray
 
RECOMMENDED CITY COUNCIL ACTION:      Approved amended Agreement
 
ITEM SUMMARY:  
  • In conversations with our private development partner about the required milestone dates in the Gateway Hotel/Event Center development agreements, it became clear that despite our best efforts, the dates in the original development agreement were not entirely clear as they depended upon a cascade of dates from the effective date of the agreement. 
  • The proposed amendment seeks to clarify the intermediate milestone dates so that we can have assurance on the performance of the agreement and that we are working off of the same fixed dates as opposed to the cascading dates that could be interpreted in different ways. 
  • The proposed amendment does not change the substantial completion date, but simply clarifies the required dates of the intermediate steps.