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Council approves Marriott dual-brand development agreement for meeting space and 104 rooms
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Summary
Mount Pleasant approved a development agreement with MPTX 1 LLC for a Marriott dual-brand hotel (Fairfield and TownePlace Suites) with 104 rooms, a 4,000-square-foot meeting space and multi-year tax and permit rebates; council authorized staff to finalize the agreement.
The Mount Pleasant City Council unanimously approved a development agreement with MPTX 1 LLC to build a Marriott dual-brand hotel combining Fairfield and TownePlace Suites, the city manager said.
City Manager Vine described the project as a $18,200,000 investment with 104 rooms, a 4,000-square-foot meeting space and 22 full-time employees. Vine said the city will offer incentives including a 95% hotel occupancy tax rebate for years one through five, a tiered real property tax rebate (75% in years one and two, 50% in years three and four, and 25% in year five), a 100% personal property tax abatement for five years and a permit-fee rebate (approximately $66,000). He also said staff would correct a typographical error in the draft agreement concerning the city rebate cap before the final draft is prepared.
When a council member asked where the project would be located, Vine said it would be north of Loeb on the east side of that area. A council member moved to approve the substantial final form of the development agreement and to authorize the city manager and city attorney to negotiate the final agreement in accordance with the substantive terms; the motion passed unanimously.
Vine emphasized that, similar to the other hotel agreement, the developer must remain a Marriott brand, maintain insurance and stay current on taxes. City staff reported that total rebates between the two projects amount to about $2.8 million; staff also noted the exact rebate-cap figure in the draft would be amended for accuracy in the final agreement.
