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Council approves economic development agreement for downtown hotel redevelopment
Summary
The council approved an economic development agreement with RK Investments Temple LP to demolish and prepare a downtown parcel at 411 N. General Bruce Drive and construct one or more hotels on a second parcel, with a minimum private investment of $8 million and up to $400,000 in city rebates over five years.
Temple City Council voted 4-0 to adopt a resolution authorizing an economic development agreement with RK Investments Temple LP LLC to redevelop two downtown parcels at 411 North General Bruce Drive (the "Mad Mango" parcel) and 1604 Calhoun Avenue.
City Economic Development staffer Miss Myers told council the project would demolish existing buildings on the 411 North General Bruce Drive parcel, prepare the site for redevelopment and construct one or more hotels on the 1604 Calhoun Avenue tract. "The company's total anticipated investment is $8,000,000," Myers said.
Under the agreement, the company must commence construction within 12 months of execution and complete improvements within 24 months of commencement. The city would provide up to five annual program grants with a maximum incentive of $80,000 per year (totaling up to $400,000) calculated as an equivalent rebate equal to 35% of hotel-motel tax revenue generated by the new hotel(s).
Myers said the deal requires at least one hotel and sets the $8 million minimum investment threshold. Council Member Pilkington moved the item; Mayor Pro Tem Tim Walker seconded. The council voted 4-0 to approve the agreement.
Myers noted the site is adjacent to a recent project supported by the Temple Revitalization Corporation and called the redevelopment "encouraging" for the I-35 gateway corridor. The city will return with agreement documents for execution and compliance monitoring.
