Title
Discuss and consider action to adopt a Resolution and approving the First Amendment to the Pflugerville Community Development Corporation (PCDC) Performance Agreement with Lightwater Hospitality No. 1 LTD., Ramran Holding, LLC, DBA Pflugerville Hospitality (Best Western).
Summary
The PCDC is requesting approval on an amendment to a Performance Agreement with Lightwater Hospitality No. 1 LTD., Ramram Holding, LLC, DBA Pflugerville Hospitality to remove an obligation to PCDC to construct a monument sign at the entrance of One Commerce Center, or any other location, in exchange for an additional marketing incentive of $25,000 to paid out over two years to Lighthouse Hospitality: $12,500 in FY17 and $12,500 in FY18. This funding is in addition to $25,000 that is being paid annually for marketing for four years to Lighthouse Hospitality per the original agreement.
Status
The PCDC board met in a regular session on November 17, 2016 and unanimously approved an amendment of the performance agreement for Lightwater Hospitality No. 1 LTD., Ramran Holding, LLC, DBA Pflugerville Hospitality. In order to fund this additional incentive, a public hearing and budget amendment are scheduled for the PCDC December 19, 2016 regular meeting. Until the public hearing is held, no payments will be made for this incentive.
Prior City Council Action
The City Council approved the Performance Agreement on February 25, 2014.
Deadline for City Council Action
None
Projected Future City Council Action
If the Amendment to the Performance Agreement is approved by City Council, a budget amendment will be forwarded for action and approval by the Council at their regular session on January 10, 2017.
Fiscal Impact
The Amended Performance Agreement will require a PCDC FY17 budget amendment of $12,500.
Staff Recommendation
PCDC Board and Staff recommend approval.
Drafter
Amy Madison
Executive Director