Title
Conceptual Presentation for the Green Street Boutique Hotel & Restaurant Proposal and Economic Development Incentive Request; Lane 4 Property Group, Inc., and The Thrash Group, applicants
Body
Issue/Request:
Incentive request by Lane4, working with The Thrash Group, for the proposed hotel and restaurant in the Green Street project.
Key Issues:
Evaluation of an incentive request under the City's Economic Development Incentive Policy to assist with the funding of the proposed hotel in the Green Street project.
Background:
On April 20, 2021, the City Council passed Ordinance No. 9123 which approved a Development Structure Agreement for the Downtown Market Plaza Project between the City, Lane4 Property Group, Inc. (the “Lane4”) and Biederman Redevelopment Ventures (“BRV”). That Agreement was executed on May 21, 2021.
On January 4, 2022, the City Council passed Ordinance No. 9316 which approved the Amended and Restated Development Structure Agreement which was executed on January 4, 2022 between the City, Developer and Biederman providing for the preparation, design and planning for the Downtown Market Plaza Project.
On September 13, 2022, the City and Lane4 executed the Development Services Agreement for the Downtown Market Plaza Project, which became known as the Green Street Project. Lane4 provided certain management and development services during the design and construction phases of the Public Improvements for the Green Street Project.
The City has worked with Lane4 to allow Lane4 to advance a potential hotel project pursuant to the terms of the Development Structure Agreement. The attached presentation slides sets forth the incentive request for the proposed hotel in the Green Street Project.
Concepts for a hotel in this area have been included in multiple presentations and written reports to City Council dating back to March 17, 2020.
Impact/Analysis:
The applicant’s and City’s presentation slides provide an initial analysis and evalu...
Click here for full text