HomeMy WebLinkAbout1995-11-07 - AGENDA REPORTS - HOTEL CONFERENCE CENTER (2)CITY OF SANTA CLARITA
INTEROFFICE MEMORANDUM
TO: Mayor Jo Anne Darcy and MemberzV itouncil
FROM: George A. Caravalho, City Manager
DATE: November 7, 1995
SUBJECT: HOTEL / CONFERENCE CENTER PROPOSAL
Backeround
The City's Strategic Plan has recommended that a meeting and banquet facility be developed
within the City of Santa Clarita. A hotel/conference center development proposal is being
developed in partnership with Newhall Land and Farming Company. An update of this
proposal including a project description, its history, advantages to the City, and current
financial proposals under discussion will be presented.
Recommendation
It is recommended that the City Council receive presentation from staff, solicit public opinion,
and provide direction to staff as to how to proceed with further negotiations.
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PRESENTATION OUTLINE
CONFERENCE CENTER AND HOTEL PROPOSAL
Project History
• Strong Community interest for meeting space
• No response to previous hotel RFP
• Strong hotel market opportunity
• Availability of EDA funding
II. Proposed Project
• 200 room hotel
• Town Center Drive and McBean Parkway
• 20,000 square feet Conference Center
• Total cost $28 million - $8.4 million Conference Center
• Positive market feasibility study
• Interest from major hotels
III. Rationale for Participation
• Good investment
• Satisfies community strategic plan
150 jobs created
• Positive attraction for new business
• Satisfies EDA requirements
IV. Feasibility Gap
$8.4 million - Conference Center cost
-$3.2 million - NLF Land contribution*
-$1.675 million - City EDA contribution
$3.525 million - Feasibility gap
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`NLF will make an additional
$3 million investment in hotel
enhancements necessary to
accommodate the conference
center proposal.
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PROPOSED HOTEL AND CONFERENCE CENTER
FOR NEWHALL LAND AND FARMING COMPANY
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PROPOSED HOTEL AND CONFERENCE CENTER
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