HomeMy WebLinkAboutResolution 605 tAl
RESOLUTION ZTT1U:\T PILE 4. --� _
_ A Resolution i
RECOMMENDING CITY COUNCIL APPROVAL OF THE APPLICATION OF THE I
CITY OF FORT WORTH TO THE U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT TO FUND A PEDESTRIAN PLAZA AND PARKING
GARAGE. IN CONJUNCTION WITH THE PRIVATE REDEVELOPMENT PLANS
OF WOODBINE DEVELOPMENT CORPORATION FOR THE HYATT-REGENCY
HOTEL COMPLEX PROJECT UNDER THE URBAN DEVELOPMENT ACTION
GRANT.
WHEREAS, the City Council of the City of Fort Worth has charged the Economic
Development Policy Board to review economic development proposals to
determine their compatibility with the City' s adopted economic
development plans; and
WHEREAS, the Board, in a public hearing, reviewed a proposal by Woodbine
Development Corporation to renovate and refurbish the historic Hotel
Texas, contingent upon public improvements which include a pedestrian
plaza and parking garage being concurrently constructed by the City;
and
I
WHEREAS, the Board has determined that the proposal submitted by Woodbine E
Development Corporation to renovate the existing hotel structure while
maintaining its historic character furthers the goals and objectives,
as established in Fort Worth's Overall Economic Development Plan
(OEDP), Comprehensive Economic Development Strategy (CEDS); and
WHEREAS, the Board has determined that the expenditure of public funds is
necessary and desirable to facilitate this renovation of the Hotel
Texas by providing necessary public improvements;
NOW, THEREFORE, LET IT BE RESOLVED that the Economic Development Policy Board
determines that the Hyatt-Regency Hotel Complex project is consistent
with Fort Worth's OEDP and CEDS and thus recommends that the City
Council of the City of Fort Worth approve application by the City for
$6,070,000 to the U.S. Department of Housing and Urban Development for
the purposes outlined heTeil".,
•ank Sherwood, Chairperson
Economic Development Policy Board
LI cr 2 3 Date 'iT
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F"E a"S°N + C y of Fort Worth, T9exas
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DATE REFERENCE SUBJECT: Hyatt Regency HoteMrban Develop- PAGE
O'DELL NUMBER ment Action Grant Project
EPPERSON 5/l/79 G-4150 1 of 2
Economic Development Strategy
Two important aspects of the City's Comprehensive Economic Development Strategy
(CEDS) are the emphasis on stimulation of private development and linking policy
objectives to implementation. Specific high priority projects on the CED Stra-
tegy include development of a downtown hotel and stimulation of the tourist/
convention industry.
Previous actions related to the CED Strategy involved a cooperative effort
between the City and Bass Brothers Enterprises to develop a new hotel near Tandy
Center and to improve Main Street significantly. The tool to accomplish this
joint effort is the Federal Urban Development Action Grant (UDAG) program.
Hyatt Regency Hotel Complex Project
The progress of the Main Street Project, the private investment commitments for
downtown development, and the City's willingness to cooperate and participate
in solving problems have all been a stimulus to another related major private
development, the renovation of the Sheraton Hotel site into a Hyatt Regency Hotel
For some time, Woodbine Development Corporation has studied the feasibility of
renovating the former Texas Hotel (now Sheraton) site into a hotel of the highest
quality. The positive results of Woodbine's feasibility studies and the City's
progressive attitude towards economic development have resulted in the proposed
Hyatt Regency Project.
The proposed development project includes three parts:
1. $32,620,000 private renovation of the hotel site and conversion to
a Hyatt Regency Hotel;
2. $4,770,000 public construction of an underground valet parking
facility between the Convention Center and the hotel; and
3. $1,300,000 public improvements to provide landscaped plaza
improvements above the parking facility and improvements to
8th Street adjacent to the hotel.
OFFICIAL RECORD
,2y S.1RETARY
FT. WORTH, TEL
DATE REFERENCE SUBJECT: Hyatt Regency Hotel an Develo PAGE
NUMBER ment Action Grant Project
5 1 79 G-4150 2 or 2
Project Benefits
The project represents a combined $38,680,000 investment and continues implemen-
tation of the City's Comprehensive Economic Development Strategy. Other project
benefits include:
A. Provision of over 550 permanent jobs, the majority of which will
be available to low and moderate income persons;
B. Creation of 800 construction jobs, the majority of which will be
available to low and moderate income persons;
C. An annual amount of $188,000 in City hotel tax revenues, plus
additional sales taxes;
D. An estimated increase in City property tax revenues of $51,000;
E. The continuation of the Main Street area developments and the
creation of a redevelopment corridor from the Convention Center
to the Courthouse which will generate other private developments.
Project Costs
The public facilities are proposed to be funded through an Urban Development
Action Grant. The total estimated project cost is:
Private Funds $32,610,000
Federal Funds 6,070,000
City Funds -0-
TOTAL $38,680,000
Recommendations
It is recommended that the City Council:
to Adopt a resolution specifying the City's intent to apply for an
Urban Development Action Grant from the U. S. Department of
Housing and Urban Development in the amount of $6,070,000 to
implement the Hyatt Regency Hotel Project; and
2, Authorize the City Manager to accept the grant, if offered.
WRH:plg rfy.
701RACTME
REORD
Attachment CRETARY
SUBMITTED FOR THE
CITY MANAGER'S DISPOSITION COUNCIL: PROCESSED BY
OFFICE BY: PPROYED j
ORIGINATING ❑ OTHER (DESCRIBE) ^+
DEPARTMENT HEAD: Wo Ralph Hardy CI SECRETARY
FOR ADDITIONAL INFORMATION
CONTACT: Butch Saxton, Ext, 8180 DAT
A RESOLUTION
RESOLUTION AUTHORIZING SUBMITTAL OF A GRANT APPLICATION
TO FUND A PEDESTRIAN PLAZA AND PARKING GARAGE IN CONJUNCTION
WITH THE PRIVATE REDEVELOPMENT PLANS OF WOODBINE DEVELOPMENT
CORPORATION FOR THE HYATT REGENCY HOTEL COMPLEX PROJECT UNDER
THE URBAN DEVELOPMENT ACTION GRANT PROGRAM OF THE U. S .
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WHEREAS, a healthy and vital Central Business District is both
necessary and desirable to contribute to and maintain
the economic health of the inner city;. and
WHEREAS, development of a downtown hotel near the Convention Center
through joint public and private efforts and stimulation
of the tourist/convention industry are high priority pro-
jects of the City' s Comprehensive Economic Development
Strategy; and
WHEREAS , Woodbine Development Corporation has interest and capacity
to renovate the existing Hotel Texas to the Hyatt Regency
Fort Worth contingent upon public participation; and
WHEREAS , the U.S. Department of Housing and Urban Development has a
program tool in Urban Development Action Grants which may
be- used to participate in such private/public projects ; and
WHEREAS , the Economic Development Policy Board unanimously approved
the project at its April 23 , 1979 , meeting;
NOW, THEREFORE LET IT BE RESOLVED, the City Council authorize the
City Manager to apply for and accept an Urban Development
Action Grant in the amount of $6,070,000 to provide for
a pedestrian plaza and parking garage to complement the
renovation of the. historic Hotel Texas proposed by Woodbine
Development Corporation.
OFFICIAL RECORD
city S:CRETARY
f T. WORTIC TOL