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Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Chapter 380 Economic Development Program and Agreement with Aimbridge Hospitality, LLC for the Resort Hotel at Craig Ranch
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: May 2, 2017
DEPARTMENT: City Manager's Office
CONTACT: Barry Shelton, Assistant City Manager
RECOMMENDED ACTION: Approval of the Resolution
ITEM SUMMARY:
* Aimbridge intends to construct and operate a resort hotel on an eight acre parcel on the northeast corner of Collin McKinney Parkway and Van Tuyl Parkway.
* The proposed Chapter 380 economic development agreement sets forth the terms of the economic development grants provided by the City of McKinney to this project.
* The agreement requires the resort hotel to be branded as a Marriott Autograph Collection hotel.
* The agreement also sets forth the conditions that must be met in order to qualify for the economic development grants, including the minimum requirements for number of rooms, amount of conference center space and on-site and off-site amenities.
BACKGROUND INFORMATION:
* 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 worked 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.
* On April 18, 2017, Scott Tarwater, of Tarwater Hospitality Consulting presented additional information on the proposed hotel and city staff presented the deal points of the proposed partnership for discussion.
* The City Council directed staff to bring back the finalized Chapter 380 agreement for consideration.
* During the 12-month negotiation period, the development group commissioned a 3rd party feasibility study to analyze the hotel market conditions in McKinney.
* The City contracted with CB...
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