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CRA approves up to $14.34 million increment rebate for downtown hotel to support convention‑related public spaces
Summary
The CRA approved an increment rebate agreement with FTM Downtown Hotel, LLC not to exceed $14,341,500 over 18 years to support publicly accessible hotel features (restaurants, lobby, conference space, green space) that staff said will help attract larger conventions; counsel cited statutory authority for convention‑supporting hotel improvements.
Attorney Clifford Shepherd and staff presented an increment rebate agreement for FTM Downtown Hotel, LLC that would rebate up to $14,341,500 over an 18‑year period for eligible public improvements within the hotel that support a convention center, such as restaurants, a public lobby and a second‑floor conference facility. Shepherd described statutory language that allows CRA support for public elements of a convention‑supporting hotel and noted a developer investment figure of $16,356,173 in eligible project costs.
"This item is before you on consideration of an increment rebate agreement between the CRA ... and FTM downtown hotel, LLC. And it is for a rebate agreement, rebate not to exceed $14,341,500 over an 18 year period," Shepherd said. The counsel and staff also said the agreement's eligible improvements are limited to the public‑facing elements cited in the agreement and that clarifying language would be added to the printed document before final signature.
Commissioners discussed hotel room supply and whether the project should be completed before a planned FRA conference in 2026; staff and counsel recommended approval and the board approved the agreement by voice vote.
