File #: ID 15-581    Version: 1 Name: Amendment to the Memorandum of Understanding - Hotel
Type: Public Hearing - No Action Status: Passed
File created: 10/7/2015 In control: City Council
On agenda: 10/13/2015 Final action: 10/13/2015
Title: Consider amendment to the Memorandum of Understanding regarding the development, ownership and financing of the Hotel and Conference Center
Attachments: 1. 10-7-15 Amendment to Memorandum of Understanding
Related files: ID 14-188, ID 15-549, ID 14-094, ID 14-203, ID 15-515, ID 16-170

Subject:

Title

Consider amendment to the Memorandum of Understanding regarding the development, ownership and financing of the Hotel and Conference Center

body

Presented By:  City Attorney Brown

 

Recommendation and Review

On October 14, 2014, council approved various documents related to the construction and financing of the Madison Hotel and Conference Center.  The Memorandum of Understanding approved by Council provided that the estimated construction cost of the conference center was $10,000,000.  The MOU anticipated that at some point the development budget would be firmed up and an updated budget presented to the parties to the MOU for approval.  This Amendment to the MOU establishes at updated development budget of $10,974,895 for the conference center portion of the project.  dpM Partners, LLC has requested that council approve this amendment.