02-25-1999 - Laserfiche WebLink

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4 To: Economic Development Commission Members • From: Kevin Carroll, Economic Development Coordinator MEMORANDUM Subject: Mermaid Hotel/Banquet Center [Development Agreement] Date: February 22, 1999 The EDC's thoughts and recommendations [summary attached for your review] regarding the proposed Mermaid project were discussed at a City Council work session on February I, 1999. Dan Hall and his attorney, Chris Berndt, were in attendance. At the conclusion of that meeting, and also during a subsequent City Council meeting on February 16th, the Council members commented on the type(s) of additional information that they would like to obtain in order to be in a better position to make a decision regarding the working draft of the proposed Development Agreement. Mr. Hall and Mr. Berndt are now in the process of assembling the information in question, and they tentatively plan to make it available to the Council at or before its work session on March I st or at or before its regular meeting on March 8th. 1111 The role that the EDC will play in reviewing and/or commenting upon any new information provided by the Developer may need some clarification. The EDC's next regularly scheduled meeting will not take place until 3-25-99, which is more than two weeks after the last of the two dates on which the Developer intends to present its new information to the City Council. Given the significance of this particular project, the EDC may want to consider another special meeting(or two) in order to perform its advisory function. In any event, I intend to provide you with relevant portions of any new submissions from the Developer as I receive them, so that you will be "up to speed" and therefore better able to advise the Council/EDA should the opportunity arise. In this regard, I have enclosed excerpts from a recently received Supplemental Update to a Marketing Analysis & Economic Feasibility Study that was originally conducted at the Halls' request in December of 1995. The entire Supplement(which I have been told cost about $7000) is about 50 pages, and the original Study(which cost about$15,000) is roughly I 'h inches thick or at least 300 pages long, by my estimation. If you'd like to examine either of the originals, please call me and let me know. The Supplement is short enough for me to copy for you, upon request. However, the original Study has so many maps, photos and other graphics that it would be very difficult to copy or replace, 30 Dan Hall has asked that it be reviewed at City Hall rather than being "loaned out." The City Council has indicated that it would appreciate the EDC's opinion regarding an issue that the EDC has not had sufficient time to consider thus far: the question of whether the Developer's principals [presumably Charlie Hall and Dan Hall] should be required to provide the City with personal guarantees as a prerequisite to any tax increment financing that the City might provide. The related questions include the following: ■