ACTION REQUESTED:
Title
Communication from the City Manager with a Request to APPROVE a REDEVELOPMENT AGREEMENT with FULTON HOTEL DEVELOPMENT, LLC.
Body
BACKGROUND: Fulton Hotel Development LLC (Redeveloper) has been formed by Keith Weintstein to redevelop a Project Site that includes the Sully's Building (119-121 SW. Adams St., Peoria, IL 61602 - PIN #18-09-256-004) and the ICC Perley Building (113-115 SW. Adams St., Peoria, IL 61602 - PIN #18-09-256-005). The existing structures will be demolished and a mixed-use development will be newly constructed on the Project Site. The Project will include (i) a hotel with 140 hotel guest rooms, residential lobby, meeting and conference facilities, swimming pool and fitness center, (ii) 50 residential apartment units, (iii) restaurant and related bar facilities and (iv) convenience retail.
The Redeveloper has agreed to three Milestone Completion Dates: 1) Completion of Construction Plans by April 1, 2024; 2) Commencement of Construction by January 1, 2025; and 3) Construction Completion by January 1, 2027. In the event the Redeveloper does not anticipate meeting one or more Milestone Completion Dates in the project timeline, the Redeveloper may request in writing, prior to the Completion Date for such Milestone, that the City approve an extension of such Milestone Completion Date of no greater than 6 months. If the Redeveloper does not meet any Milestone Completion Date as extended, the Agreement shall terminate upon written notice by the City to the Redeveloper.
The City Niagara Parking Deck will be available to users of the project in accordance with a contract which will 140 parking spaces for the hotel and 80 parking spaces for the 50 residences. The Redeveloper will pay to the City a parking fee equal to Three Dollars ($3) per occupied room night in the Hotel on a monthly basis. The Hotel Parking Fee shall increase by Three Percent (3%) annually on the Anniversary Date of the opening date of the Hotel t...
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