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Development Services <br /> DATE: 12/21/2015 <br /> MEMO: No. 15-54 <br /> TO: Honorable Mayor Julie Moore Wolfe and City Council <br /> FROM: Tim Gleason, City Manager <br /> Billy Tyus, Assistant City Manager <br /> Patrick Hoban, Economic Development Officer <br /> SUBJECT: Redevelopment Agreement for Approval —Holiday Inn <br /> SUNIMARY RECONIlVIENDATION: <br /> Staff recommends that the attached redevelopment a�eement between the City of Decatur <br /> and Pace Hospitality LLC to redevelop the now vacant 3.55 acres at 5150 Wingate Drive be <br /> approved. <br /> BACKGROUND: <br /> The proposed project would involve the construction of a four story, 114 room Holiday Inn <br /> and Suites with conference space and an associated Burger Theory full-service gourmet <br /> burger restaurant on what is currently a 3.55 acre unimproved site within the northern city <br /> limits of Decatur. The project would represent an investment of more than $9 million with <br /> construction to provide 65 local construction jobs and begin in the first quarter of 2016. The <br /> construction period is expected to take 9-15 months and the hotel is expected to support fifty <br /> full-time equivalent employees once it opens. <br /> The Redevelopment agreement if approved would include sharing 50% of the Hotel Use Tax <br /> received by the City for 5 years. As we have discussed, Staff is being aggressive in our <br /> recruitment of retail business to the City of Decatur with this proposal being representative of <br /> those efforts. We believe that this project will strengthen Decatur's current share of the hotel <br /> cluster north of I72 and attract more restaurants and additional retail to the area. <br /> Pace Hospitality is an arm of Sunrise Hospitality Inc., a 37-year old hotel development <br /> company with a portfolio of more than 35 hotels in Illinois, Indiana, Ohio and Michigan. I <br /> Sunrise operations include but are not limited to the Hilton, Mariott, Holiday Inn and Holiday <br /> Inn Express, Candlewood Suites and Country Inn and Suites brands. The company's hotel <br /> products include full-service, all-suite, extended stay and limited service operations. <br /> STAFF REFERENCE: Additional questions can be forwarded to Tim Gleason at 217-424- <br /> 2801 (tgleason@decaturil.gov), Billy Tyus at 217-424-2727 (btyus@decaturil.gov) or Patrick <br /> Hoban at 217-424-2778 (phoban@decaturil.gov) <br /> Page 60 of 304 <br />