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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />February 22, 2023 <br />Administration <br />WS II.5 <br />TITLE OF ISSUE: <br />Development Incentives - Hotel Site <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />A developer, exploring the siting of a 4-story 84-room hotel and detached restaurant on the vacant commercial <br />lot, north of Norbella Senior Living is interested to know if the city would entertain any development incentives <br />for such a project. <br />Staff has done some research and spoken with the City's consultant that has handled Tax Increment Financing <br />(TIF) proposals for us in the past. It appears that TIF would not be an option for this type of development, at <br />this location. However, Tax Abatement, may be an alternative. With tax abatement, the city may offer <br />assistance through abatement of its own taxes, but not those of the school district or county, as is the case with <br />TIF. <br />Staff wishes to discuss tax abatement and other development incentive strategies with the Council. <br />COST AND SOURCE(S) OF FUNDING: <br />TBD <br />REQUESTED COUNCIL ACTION: <br />Discussion only. Staff is seeking direction on the use of development incentives for a hotel and restaurant <br />proposal. <br />For Clerk’s Use: <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: Aye Nay <br /> _____ <br />_____ <br />City's Existing Business Subsidy Policy; <br />Other (specify) ____________ <br /> _____ _____ <br />_____ <br /> _____ <br />Correspondence with TIF Consultant <br />_______________________________________________________________ <br /> _____ _____Ki <br /> _____ ____________________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />