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