Topeka Development Corporation authorizes city manager to sign LOI with Endeavor Group for Hotel Topeka sale

Topeka Development Corporation members voted to authorize the city manager, acting as executive director of the TDC, to execute a letter of intent from the Endeavor Group that would transfer Hotel Topeka to the private developer and begin negotiations on a purchase and development agreement.

The action, moved by Director Duncan and seconded by Deputy Mayor Dobler, passed with eight yes votes and one abstention (Director Ortiz). Director Duncan made the motion on the floor and the board took a roll call after discussion. "I will move to allow the city manager to sign this letter of intent and to board with the sale of Hotel Topeka," Duncan said before the second and roll call.

The LOI presented to the board outlines a deal structured to reimburse the city for about $12,200,000 the city has spent on acquisition, operations and temporary note rollovers. Deputy City Manager Braxton Copley described the proposal to members: "The developer is the Endeavor Group." Copley said the developer proposes a $1,000,000 cash purchase price and would permit the city to recoup roughly $11,200,000 through an increment of transient guest tax (TGT) receipts and a Community Improvement District (CID) assessment over multiyear periods — roughly 24…