Title
Resolution approving business incentive for DIA Tech Center Hotel I, LLC.
Body
The developer of DIA Tech Center, Chris Thompson, has requested business incentives for the development of a hotel. Mr. Thompson is considering partnership with an experienced hotel developer for the development of a 92-room, national flagship select service hotel on his property, northwest of Tower Road and E. 81st Avenue. This request is supported by the Economic Development Division for the following reasons: 1) the project provides significant ongoing sales and use tax revenues and creates jobs; 2) the project will be the first of its kind in the city and meet a community need for lodging; and, 3) hospitality is a target industry for the city.
Staff Responsible (Department Head): Walter Williams
Staff Member Presenting: Walter Williams
Financial Impact: Total estimated amount of incentives is $234,434. The final amount will be determined based on an audit of actual capital investment, jobs created and taxes generated.
Funding Source: The incentives are funded by rebates of City sales and/or use tax, City building permit and plan check fees and tax on hotel and motel room and accommodation services.
Staff Recommendation: Staff recommends approval of this incentive request.
Suggested Motion: I move approval of Resolution 2012-89, providing business incentives to DIA Tech Center Hotel I, LLC for the development of a hotel.