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Administration: Sheridan (Sheraton) property conveyed; A&E to start, developer to assume renovation risk
Summary
City attorneys told the Economic Development committee the administration closed on the Sheridan (Nov. 5) and immediately conveyed it to 250 North Main LLC as a holding entity; A&E work will begin and is expected to take about a year, with a developer to undertake renovations and incur that risk.
City legal staff updated the Economic Development, Tourism and Technology Committee on the Sheridan (the downtown hotel property long discussed by council) and described the plan to move the property into predevelopment and convey it to a third party for renovation.
Chief Legal Officer Mary Gibson said the city closed on the Sheridan on Nov. 5 and conveyed the property to "250 North Main LLC, an entity under the DMCs umbrella to hold it for us, pending A and Es." She emphasized the citys intent is to transfer the hotel to a…
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