Legislation Details

File #: 24-0137    Version: 1 Name:
Type: Motion Status: Filed with the City Secretary
File created: 1/18/2024 In control: Corpus Christi B Corporation - Type B
On agenda: 1/22/2024 Final action:
Title: Motion authorizing a business incentive grant agreement with Elevate QOF LLC, for a total incentive amount not to exceed $2,000,000 for Homewood Suites by Hilton at the corner of N Chaparral Street and Lomax Street for costs associated to FEMA AE Flood Zone requirements, exterior upgrades, and lease spaces, facing N. Chaparral Street; authorizing the expenditure of up to $2,000,000 from the Type B unreserved fund balance; and amending the fiscal year 2023-24 budget to increase expenditures by $2,000,000.00.
Attachments: 1. Agenda Memo - Hilton Homewood Suites, 2. Develop Executed Incentive Agreement - Elevate QOF, LLC, 3. Presentation- Hilton Homewood Suites CC

title

Motion authorizing a business incentive grant agreement with Elevate QOF LLC, for a total incentive amount not to exceed $2,000,000 for Homewood Suites by Hilton at the corner of N Chaparral Street and Lomax Street for costs associated to FEMA AE Flood Zone requirements, exterior upgrades, and lease spaces, facing N. Chaparral Street; authorizing the expenditure of up to $2,000,000 from the Type B unreserved fund balance; and amending the fiscal year 2023-24 budget to increase expenditures by $2,000,000.00.