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Committee directs more analysis on using convention-center hotel variable rent for housing and resilience programs
Summary
Committee discussed earmarking a portion of variable rent from the convention-center headquarters hotel for private-property resilience and affordable housing; staff were asked to return with legal and bonding analysis and options.
The committee discussed whether the variable (percentage) portion of rent from the planned convention-center headquarters hotel could be earmarked to fund private-property flood adaptation and affordable housing. Members did not adopt a final allocation but asked staff to return with additional legal and financial analysis, including the feasibility of securitizing the revenue stream to support larger up-front…
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