HomeMy WebLinkAbout1995-11-14 - AGENDA REPORTS - HOTEL CONFERENCE CENTER (2)FAWD 12 1 01a 1_DI'1
UNFINISHED BUSINESS
DATE: November 14, 1995
City Manager Approi
Item to be presented
Ken Pulskamp
SUBJECT: HOTEL / CONFERENCE CENTER PROPOSAL
DEPARTMENT: Community Development
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Based on community interest expressed for meeting and banquet facilities as stated in the
community strategic planning session, the City's Economic Development Division has been
working to establish a hotel/conference center. In cooperation with Newhall Land and Farming
Company (NLF), a 200 room hotel/ 20,000 square foot conference center development proposal
is being presented for City Council's consideration.
The project would create150 new jobs and generate approximately $32 million in tax revenue
over the next 30 years. A hotel market feasibility study has documented a clear market demand
for the project, and four first class hotel operators have expressed interest in the project.
The City's financial participation in this project would be focused on partial funding of the $8.4
million conference center, using Economic Development Administration (EDA) funds. The
project would meet EDA requirements for completion time lines, job creation, and leveraging
of private funds.
RECOMMENDATION
Negotiations are continuing. Any progress made will be presented at the meeting with a
request to continue this item to the November 28th City Council meeting.
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Continued Tc: ` �s
Agenda A. 2 5.