Memorandum

City of Lawrence

City Manager’s Office

TO:	David L. Corliss, City Manager
CC:	Diane Stoddard, Assistant City Manger Casey Toomay, Assistant City Manger Brandon McGuire, Assistant to the City Manager
FROM:	Britt Crum-Cano, Economic Development Coordinator
DATE:	January 20, 2015
RE:	NRA and IRB request for Eldridge Hotel Expansion

Please place the following item on a future City Commission Meeting agenda:

Receive request from The Eldridge Hotel to establish a 15-year, 95% Neighborhood Revitalization Area for the property located at 705 Massachusetts Street and for Industrial Revenue Bond (IRB) financing for the purpose of accessing a sales tax exemption on project construction materials, refer the item to the Public Incentive Review Committee for a meeting on February 3, 2015 at 4:00 p.m. and set February 10, 2015 as the date for a public hearing on the proposed NRA and Revitalization Plan.

Introduction

The City is in receipt of a request letter and application from the Eldridge Hotel, LLC, to establish a 15-year, 95% Neighborhood Revitalization Area (NRA) for the property at 705 Massachusetts Street and for a stand-alone IRB to obtain a sales tax exemption on construction materials.

Eldridge Hotel, LLC, is proposing the expansion of the existing Eldridge Hotel located at 701 Massachusetts Street by developing the vacant parcel located next to the hotel at 705 Massachusetts Street. The expansion project would add approximately 54 new guest rooms and provide approximate 7,000 feet for additional meeting/banquet room space, hotel kitchen expansion, and restaurant and bar concept.

Processing Calendar for Request

Staff has prepared a draft calendar which outlines the processing steps and suggested meeting dates for this request. In addition to setting February 3, 2015 for the Public Incentives Review Committee (PIRC) to review and February 10, 2015 as the City Commission public hearing, this schedule would accommodate City Commission final action for the request on March 3, 2015. (Meeting dates are preliminary and subject to final confirmation with the City, County, School District, PRIC members and applicant.)

Requested Action