R2001-58 AUTHORIZING AGREEMENT - Laserfiche WebLink

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COUNCIL COMMUNICATION FORM Economic & Urban Development Department Memorandum # 01-33 Date: March 29, 2001 TO: Honorable M or Terry M. Howley and City Council Members FROM: Steve Ga ity Manager A.J. Kriege sistant City Manage� SUBJECT: Holiday In aterpark Development Agreement SUMMARY RECOM ENDATION: Attached to this memorandum is a proposed development agreement between Real Estate Investors of Decatur, LLC. (REID) and the City of Decatur. Approval of the agreement will obligate the City to reimburse REID for costs associated with the design and construction of capital improvements including a road, water and sewer mains, intersection work within the US 36 right of way, and maintenance of landscaped areas within City of Decatur right of way. REID proposes to construct an indoor/outdoor waterpark facility, and develop an approximately 25 acre retail subdivision. City staff recommends approval of the attached agreement. BACKGROUND: � City staff and REID have negotiated the attached agreement which, if approved, obligates the City to make capital improvements necessary to support an indoor/outdoor waterpark facility, and a proposed 25 acre retail subdivision. The following is a description of the major components of the plan, and the City's commitment: ■ Watetpark. REID proposes to construct an approximately 80,000 sqft indoor waterpark facility connected to the Holiday Inn Select hotel as a Phase 1 project this year. Phase 2, which will include an outdoor waterpark and other family amusement activities is scheduled for construction in 2002. REID commissioned an economic feasibility study which has determined the viabilit of the ro osed indoor outdoor ro'ects. It i n ' ' y p p / p � s a ticipated that use of the indoor portion of the facility will be restricted to hotel guests only, with the outdoor portion open for admission to the general paying public. The economic feasibility projects that the number of annual visitors to the combined facilities will reach 429,000 by its third year of operation(2004). ■ 25 Acre Subdivision. The proposed 10-lot subdivision is located on a tract of land immediately east of the Holiday Inn property. The property is currently within the corporate limits of the City, and zoned B-2. Upon approval of the agreement, REID will submit an application for classification as a B-2 Planned Unit Development district. As the property has not yet been marketed, it is not anticipated the PUD submittal will show the size and/or location of any buildings. Rather, the PUD ordinance will set guidelines for future develapment including; 1) requiring exterior elevations of all proposed structures including buildings, fencing, and/or screening walls; 2) use of specific building materials; 3) site specific landscape plans; 4) elevation drawings of all proposed signage; and 5) other aesthetic comppnents not commonly required during the development review and approval process. It should be noted that the application for PUD classification from B-2 is unusual. It is the intent of both REID and the City to establish some specific guidelines to ensure future