HomeMy WebLinkAboutAgenda_GEDCO_11.04.2016Notice of Meeting for the
Georgetown Economic Dev elopment Corporation and the Gov erning Body
of the City of Georgetown
Nov ember 4, 2016 at 4:15 PM
at Historic Light and Water Works building, Planning Department large conference
room, 406 W. Eight Street
The City o f G eo rgeto wn is committed to comp lianc e with the Americans with Dis abilities Ac t (ADA). If yo u
req uire as s is tanc e in participating at a p ublic meeting d ue to a disability, as d efined und er the ADA, reas onab le
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Office, at leas t three (3) days prior to the sc hed uled meeting d ate, at (512) 930-3652 o r City Hall at 113 Eas t 8th
Street fo r add itional info rmation; TTY us ers ro ute through Relay Texas at 711.
Regular Session
(This Regular S es s io n may, at any time, b e rec es s ed to convene an Exec utive S es s io n fo r any p urpose
authorized b y the Op en Meetings Act, Texas Go vernment Co d e 551.)
A Co nsideration and possible actio n to approve the reimb ursement req ues t fo r $4,500,000 fo r qualified
exp enditures in the Summit at Rivery d evelo p ment.
CERTIFICATE OF POSTING
I, Shelley No wling, C ity S ecretary fo r the C ity of Geo rgeto wn, Texas , d o hereby c ertify that this Notice of
Meeting was p o s ted at City Hall, 113 E. 8th Street, a p lace read ily acc es s ible to the general p ublic at all times ,
on the ______ d ay o f __________________, 2016, at __________, and remained so p o s ted fo r at leas t 72
c o ntinuo us ho urs p receding the sc heduled time o f s aid meeting.
____________________________________
S helley No wling, City Sec retary
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City of Georgetown, Texas
Georgetown Economic Development Corporation
November 4, 2016
SUBJECT:
Cons id eration and p o s s ib le ac tion to approve the reimburs ement reques t for $4,500,000 for q ualified
expend itures in the S ummit at Rivery development.
ITEM SUMMARY:
In Dec emb er 2014, the City Co uncil ap p ro ved GEDC O’s agreement with Novak Bro thers LLC and Hines
Geo rgeto wn Hotel, LLC to reimb urse up to $4.5 millio n o f pub lic infrastruc ture imp ro vements and
as s o ciated c os ts related to the hotel/c o nferenc e c enter projec t at the Summit at Rivery Park. Thes e
imp ro vements meet GEDCO’s go al of d evelo p ing new and expand ed bus ines s and c o mp ly with the
GEDCO b allot language and s tate statutes related to infras tructure contributio ns .
The Develo per has s ubmitted a reimburs ement req ues t for $4,500,000 of qualified exp enditures to the City
and GEDCO. P urs uant to the Performance Agreement, GEDCO must app ro ve p ayment o f the
reimb ursement for q ualified expend itures as a reimb urs ement cond ition.
FINANCIAL IMPACT:
As s tated in agreement.
SUBMITTED BY:
David S. Morgan, C ity Manager
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