Item Coversheet

OLD BUSINESS  3.

COMMITTEE MEMORANDUM

TO: Finance and Economic Resiliency Committee Members


FROM:
Jimmy L. Morales, City Manager


DATE: September 23, 2020


SUBJECT:

UPDATE ON BYRON CARLYLE RFP NEGOTIATIONS


HISTORY:

On June 12, 2020, the Finance and Economic Resiliency Committee directed the Administration to resume negotiations with both RFP proposers. On August 3, LTC 275-2020 informed the City Commission that Pacific Star Capital had withdrawn its hotel proposal and staff would negotiate with the sole remaining proposer, Menin Hospitality. With the assistance of consultant CBRE, the Administration and developer's team meet on a weekly basis. The developer continues to modify its conceptual proposal and has not yet provided revised documents in order for a final term sheet be ready to bring back to the Committee. The parties are actively engaged, with the goal of discussing the project's negotiated terms at the Committee’s October meeting.

Applicable Area

North Beach
Is this a "Residents Right to Know" item, pursuant to City Code Section 2-14? Does this item utilize G.O. Bond Funds?
Yes No