Title
Consider approval of two Civic Center Agreements by and between the City of Coppell and Northpoint Hotel Group, LLC, and authorizing the City Manager to sign.
Summary
Executive Summary:
Northpoint Hotel Group, LLC is constructing two hotels on 5.253 acres of land. The Aloft Hotel, a select service hotel, will be located at 1155 Northpoint Drive. This hotel will contain approximately 77,800 gross square feet of space and a minimum of 140 guest rooms and not less than 4,000 square feet of meeting space. Holiday Inn Express, a select service hotel, will be located at 1125 Northpoint Drive. It will contain 125 guest rooms and 1,200 square feet of meeting space within a 69,600 square foot building. Each Civic Center Agreement grants an expenditure of the Hotel/Motel Occupancy Tax for a period of 2 years. These expenditures are payment to Northpoint Hotel Group, LLC for the use of the meeting space within each building. The meeting spaces will operate as civic centers and are authorized by Chapter 351 of the Tax Code. The percentage expended is as follows: 100% for years 1 and 2.
Fiscal Impact:
Staff Recommendation:
Community Development recommends approval.
Goal Icon:
Business Prosperity