| DATE: | April 4, 2017 | | | | CONTACT PERSON: | Lisa Robertson, City Attorney | DOCUMENT #: | | | SECOND PARTY/SUBJECT: | Downtown Plaza - TGT Development Agreement | PROJECT #: | | | CATEGORY/SUBCATEGORY | | | CIP PROJECT: | No | | | | ACTION OF COUNCIL: | Discussion 03-14-17. Withdrawn 03-21-17. | JOURNAL #: | | | | PAGE #: | |
| DOCUMENT DESCRIPTION: |
APPROVAL of a Development Agreement between the City of Topeka and the Downtown Topeka Foundation, a not-for-profit corporation.
(Approval would grant transient guest tax (TGT) funding in the total amount of $3,450,000 for distribution, in accordance with the terms of the Development Agreement, over the course of the next 12 years.) | | POLICY ISSUE: | The Development Agreement is required by Resolution No. 8730 and provides the outline pursuant to which the Transient Guest Tax (TGT) funds allocated to the Downtown Plaza project by the TGT Committee in August 2015 (in the amount of $3,435,000) will be utilized in order for the project to move forward. | | STAFF RECOMMENDATION: | | Staff recommends the Governing Body move to approve the agreement. | | BACKGROUND: | On October 20, 2015, the Governing Body approved resolutions granting transient guest tax (TGT) funding to Constitution Hall, the Downtown Plaza, the Evel Knievel Museum and the Historic Jayhawk Theatre. The funding was contingent upon submission of a development agreement to the Governing Body by April 20, 2016. On April 12, 2016, the Downtown Topeka Foundation, Inc. requested that the Governing Body grant it an extension of time (in accordance with the terms of Resolution No. 8730). The Governing Body granted an initial extension of 180 days. Prior to the expiration of this time period, the Downtown Topeka Foundation requested an additional for the purpose of finalizing budgetary and other related information. This Development Agreement is being proposed within the most recent (180-day) extension period, which was approved by the Governing Body on October 4, 2016 and set to expire on April 4, 2017.
| | BUDGETARY IMPACT: | If the Development Agreement with the Downtown Topeka Foundation is approved, transient guest tax (TGT) funding in the total amount of $3,450,000 would become available for distribution, in accordance with the terms of the Development Agreement, over the course of the next 12 years. | | SOURCE OF FUNDING: | | Transient Guest Tax funds |
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