ACTION REQUESTED:
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Communication from the City Manager and Finance Director/Comptroller with a Request to Approve the Reimbursement of LODGING DYNAMICS HOSPITALITY GROUP Owners of the STAYBRIDGE SUITES, in the Amount of $33,232.00, from their 1% HOTEL TAX Collected within the BUSINESS DEVELOPMENT DISTRICT for CAPITAL IMPROVEMENTS to their Facility.
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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 and any Business District Sales 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 have submitted invoices totaling $33,232.00 for improvements relating to curb, sidewalks and main entrance repairs for the hotel. Currently, the Staybridge Suites has remitted $22,658.75 in Business District Hotel Tax. The remaining balance relating to the improvements will be repaid as the Business District Hotel tax and any Business District Sales Tax become available.
FINANCIAL IMPACT: $33,232.00 in expenditures to be paid out of the Hospitality Improvement Zone TIF.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: The Staybridge Suites will be reimbursed 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 the Business District Development Plan.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Vibrant Downtown: Riverfront/ Central Business District/ Warehouse District
2. Grow Peoria: Businesses, Jobs, and Population
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES ...
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