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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />C�rjnteryi(fe <br />Establisfied1,957 <br />Agenda Item # <br />Department: <br />Requested Council Meeting Date: <br />WS ILS <br />Administration <br />February 22, 2023 <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 />A <br />Vote Record: A Nay <br />Love <br />Koski <br />Other (specify) City's Existing Business Subsidy Policy; <br />Vacant <br />Correspondence with TIF Consultant <br />King <br />Mosher <br />Administration Department Use: <br />Consent <br />Refer to: <br />Regular <br />Tabled Until: <br />Other: <br />