HomeMy WebLinkAboutMinutes_CVB_10.04.2013Minutes of the Meeting
Convention & Visitor Bureau Board
City of Georgetoyv'n, Texas
October 4, 2013
The Convention & Visitor Bureau Board met on Friday, October 4 at 8:30 am at Convention and
Visitors Bureau Office, located at 103 W. 7th Street, Georgetown, Texas.
Members Present: Nancy Benold, Don McCullough, Georgene Richaud and Bab Villarreal
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Members Absent: Stephanie Blanck, Steven Harris and Shelly Patel
Staff Present: Cari Miller, Laurie Brewer and Bridget Chapman
1. Welcome/Call to order
The meeting was called to order by Chair Georgene Richaud at 8:32 am
2. Discussion and possible action regarding approval of the September 6, 201.3 minutes
Motion by Don McCullough, second by Nancy Benold to approve the minutes from the
September 6, 2013 meeting. Approved 4-0
City Attorney Bridget Chapman presented an update on the Summit at the Rivery Project.
The information presented is attached.
Due to board member leaving and lack of quorum, the meeting was adjourned after the
Summit at the Rivery Project Update.
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Georgene Richaud adjourned the meeting at 9:30 am.
Geor7ne Richaud, Chair
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Stephanie Blanck, Secretary
Cari Miller, Board Liaison
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CVB Board MeetinjZ - October 4, 2013
The City has executed a Memorandum of Understanding with the Developer of The Summit at Rivery
Park. The Developer of the Project plans to construct a new hotel, conference center, and parking garage
with space for retail and commercial uses along Rivery Blvd. The remainder of the Project is proposed to
be developed with residential uses -- single family Brownstone Condominiums to the west and multifamily
apartments to the east.
The hotel is proposed to be a 221 -room hotel having an AAA 3 Diamond Rating or a 2 Star Forbes Rating
(based on the 2013 hotel rating systems) in the Starwood Hotels & Resorts Worldwide, Inc. brand. The
conference center is proposed to have a 16,000 square foot ballroom and other smaller meeting rooms. In
addition, a 336 space public parking garage is also proposed. The Hotel and Conference Center would be
privately owned and operated, but it is anticipated that the City would enter into a Joint Use Agreement
with the owner/operator to secure rights to use the Hotel and Conference Center. At this time, the Public
Parking Garage is proposed to be owned by the City.
The City has made a $12.5MM financing commitment for the Project. The City has received development
cost documentation from the Developer. Staff is reviewing and evaluating the costs, and allocating funding
of the $12.5 MM among the City, the Georgetown Transportation Enhancement Corporation (GTEC- 413)
and Georgetown Economic Development Corporation (GEDCO — 4A).
The Project is located in the Rivery Tax Increment Reinvestment Zone. It is currently anticipated that the
tax increment funding available from the TIRZ would be used to pay for construction ofthe Public Parking
Garage and the public improvements funded by GEDCO and GTEC. If additional tax increment funds are
available, they would be used to pay for or reimburse (as the case may be) the City or the Developer for
construction of the other eligible public improvements in the Subdivision.
GTEC funded a Transportation Improvement Assessment for the Project to identify future transportation
needs. Construction of improvements in Rivery Park is currently underway pursuant to the terms of a
separate Parkland Improvements Agreement between the City and the Developer.
The Hotel, Conference Center and Parking Garage are required to be completed by September 30, 2015
under existing agreements between the City and Williamson County. In order to meet that deadline, Staff
is currently working to obtain approval of the various agreements by the boards in October. The Amended
TIRZ Project Plan and the Amended PUD Ordinance are anticipated to be approved in November. We
intend to bring the complete development package for the Project to the City Council for consideration and
approval at the December 10, 2013 meeting.