Pittsboro board adopts resolution authorizing incentive negotiations with Mosaic Hospitality LLC

The Town of Pittsboro Board of Commissioners held a public hearing on March 9 to consider economic incentives for a proposed hotel in the Mosaic commercial area and voted to adopt a resolution authorizing the mayor and town manager to negotiate and execute an incentive agreement with Mosaic Hospitality LLC.

Town staff summarized background materials in the agenda packet, noting that in 2018 the board discussed a package of incentives for a Mosaic hotel and listed commitments (including an annual grant equal to a percentage of ad valorem/property taxes paid by the hotel). Planner/attorney remarks in the packet also explained that no contract had been executed when the hotel was constructed and that Mosaic Hospitality LLC had asked the town to honor those earlier commitments.

During the public hearing no members of the public signed up to speak in favor or opposition. After the hearing the board adopted the draft resolution by voice vote and directed staff to proceed with negotiating the incentive agreement and returning the final contract for signature as appropriate.

What the resolution does: the adopted resolution finds a public purpose in promoting economic development and authorizes the mayor and manager to negotiate an incentive agreement with Mosaic Hospitality LLC consistent with the terms outlined in the agenda packet. The resolution and the final agreement will specify the percentage and timing of any grant payments; those specific contract terms were not read into the meeting record and will be recorded in the final agreement.

Next steps: staff will prepare the incentive agreement for execution if the parties finalize terms and will return any required contract documents and budget adjustments to the board for formal adoption.