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Council approves addendum to REDI performance agreement for RUF Hotel Land LLC; REDI grant appropriation discussion tabled
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Summary
The city approved an addendum extending a performance agreement with RUF Hotel Land LLC under the REDI program; council debated a recommended $153,034.30 appropriation for the REDI grant year and ultimately tabled further action to gather more information.
Radford City Council approved an addendum to the Ready Grant/Ready Performance Agreement with RUF Hotel Land LLC on April 20, extending terms to allow the recipient to become eligible for the originally contemplated grant award term.
Mayor Horton disclosed a potential conflict of interest due to employment at Radford University and said she would abstain from any vote affecting the foundation's financial interest; she participated in discussion but abstained on the final vote.
Todd Meredith and other staff summarized the REDI recommendation: the Economic Development Authority asked council to appropriate $153,034.30 for the REDI grant year that would be awarded in 2026 based on performance and tax projections tied to a Highlander Hotel project. Staff noted the hotel's total taxes to the city in 2025 and presented a net profit estimate after the proposed refund.
Council questioned whether certain tax components are pass‑throughs and whether the city should approach the hotel to seek an additional one‑year extension rather than making the payment now. After discussion about pass‑through mechanics and net profit figures, a motion to table the appropriation for further internal consideration passed; the addendum to the performance agreement itself was approved (the mayor abstained on the addendum vote).
Council members asked staff to provide more precise allocations and impact modeling and to report back within the 30‑day window.
