Title
Consider and Provide Direction Regarding the Proposed Public-Private Partnership for a Resort Hotel at the Intersection of Collin McKinney Parkway and Van Tuyl Parkway.
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: April 18, 2017
DEPARTMENT: City Manager's Office
CONTACT: Barry Shelton, Assistant City Manager
RECOMMENDED ACTION:
* Provide direction regarding the proposed public-private partnership for a resort hotel.
ITEM SUMMARY:
* On April 18, 2016, a presentation was made to the City Council by a group looking to develop a resort hotel within the Craig Ranch Town Center.
* Staff has been working with the development team to negotiate terms of an agreement whereby the City of McKinney and the McKinney Community Development Corporation may choose to partner with this project.
* Scott Tarwater, of Tarwater Hospitality Consulting will present additional information on the proposed hotel and city staff will present information on the deal points of the proposed partnership for discussion.
* Following discussion on this item at this joint meeting, staff will modify the deal points, if needed, and will them back to the City Council and the MCDC for approval at upcoming meetings.
* Following approval of the terms of the partnership by each body, work will commence on drafting the agreement documents.
* The development group commissioned a 3rd party feasibility study to analyze the hotel market conditions in McKinney.
* The City contracted with CBRE to review the feasibility study and to analyze the data to help the city negotiate the best deal for this project.
BACKGROUND INFORMATION:
* The proposed hotel will consist of the following:
o A minimum of 285 guest rooms
o A minimum of 33,000 square feet of conference space consisting of:
* At least a 6,000 square feet main ballroom
* At least a 4,000 square feet junior ballroom
* At least 12,000 square feet of breakout rooms
* At least 1,000 square feet of board...
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