Title
Consider approval of an Civic Center Agreement by and between the City of Coppell and Arosh, LLC, and authorizing the City Manager to sign.
Summary
Executive Summary:
Arosh, LLC is looking to construct a minimum of one select service hotel with an attached conference center containing 10,000 sq. ft. of space. This will be Coppell's first hotel and conference center. The Civic Center Agreement grants an expenditure of the Hotel/Motel Occupancy Tax for a period of 10 years. This expenditure is payment to Arosh, LLC for the lease, operation and management of the conference center, which will operate as a civic center and is authorized by Chapter 351 of the Tax Code. The percentage expended is as follows: 100% for years 1 and 2, 75% for year 3, 60% for years 4 through 6, 50% for years 7 and 8, and 25% for years 9 and 10.
Fiscal Impact:
Staff Recommendation:
Staff recommends approval.
Goal Icon:
Business Prosperity