ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to APPROVE the Reimbursement to LODGING DYNAMICS HOSPITALITY GROUP, Owners of the STAYBRIDGE SUITES, Up to the Amount of $421,930.63 from their 1% HOTEL TAX Collected within the BUSINESS DEVELOPMENT DISTRICT for CAPITAL IMPROVEMENTS to Their Facility as the Business District Hotel Tax as Funds Become Available. (There Is a Current Balance of $30,903.15 Available for Reimbursement.)
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BACKGROUND: On November 10, 2008 the Council adopted an ordinance designating the Hospitality Improvement Zone Business District. As part of the Business District Development Plan, the Business District Hotel Tax revenues generated through hotel operations are expected to be rebated to individual hotel operators for capital improvements related to new or existing hotels. The owners of Staybridge Suites, Lodging Dynamics Hospitality Group, have submitted invoices totaling $421,930.63 for improvements relating to the parking lot, new HVAC system, entry way doors, new sliding doors, signage and removal and installation of pool dehumidification system. Currently, Staybridge Suites has $30,903.15 in Business District Hotel Tax available to be reimbursed. The remaining balance relating to the approved improvements will be repaid as the Business District Hotel Tax related to Staybridge Suites becomes available.
FINANCIAL IMPACT: $421,930.63 in expenditures to be paid out of the Hospitality Improvement Zone TIF as the 1% Hotel Tax collected within the Business Development District from Staybridge Suites once sufficient funds are generated.
NEIGHBORHOOD CONCERNS: None.
IMPACT IF APPROVED: The Staybridge Suites will be reimbursed as funds are available in accordance with the intention of the Business District Development Plan.
IMPACT IF DENIED: The Staybridge Suites will not be reimbursed in accordance with the intention of Business District Development Plan
ALTERNATIVES: None
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria: Businesses, Jobs, and Population
2. Vibrant Downtown: Riverfront/ Central Business District/ Warehouse District
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Grow employers and jobs.
3. Reinvest in neighborhoods.
DEPARTMENT: Finance