STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 23, 2019
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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Authorize an amendment to Resolution No. 19-0949, previously approved on June 12, 2019, authorizing a development agreement with DD Dunhill Hotel LCC and/or its affiliates (the "Developer") for the Virgin Hotel Infrastructure Project (the "Project") on and adjacent to property currently addressed at 1909 Hi Line Drive in Tax Increment Financing ("TIF") Reinvestment Zone Number Eight (Design District TIF District) to divide implementation and TIF subsidy payment eligibility for the Project into two portions: (1) Phase I and Phase IIA with the same deadlines as previously authorized; and (2) Phase IIB with a completion deadline extended from June 30, 2020 to June 30, 2023 - Financing: No cost consideration to the City
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BACKGROUND
On June 12, 2019, City Council authorized a development agreement with Developer for TIF funding for public infrastructure improvements that provide streetscape enhancements adjacent to the Virgin Hotel development while primarily facilitating extended streetscape improvements along Hi Line Drive to connect to the Trinity Strand Trail of district-wide benefit.
The TIF-funded improvements include a portion of Phase I improvements adjacent to the Virgin Hotel and Phase II streetscape and utility burial improvements extending beyond the hotel along Hi Line Drive west to the Trinity Strand Trail head as recommended by the City's Urban Design Peer Review Panel. These improvements would complete the streetscape connection to the trail.
The Developer is now requesting an amendment to split Phase II of the Project into two segments: Phase IIA and Phase IIB. Phase IIA would include enhancements to the median to the western end of Hi Line Drive, and Phase IIB would include repa...
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