City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 4, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Public Hearing, Second Reading and Final Passage of an ordinance to adopt a Tourism Development Plan developed in conjunction with the Virginia Tourism Development Financing Program (TDFP) to provide gap financing to incent the redevelopment of the 699 Prince Street Hotel Project. [ROLL-CALL VOTE]
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ISSUE: Adoption of a Tourism Development Plan, endorsement of a tourism project at 699 Prince Street and approval of a Performance Agreement in order for a project to qualify for the State's TDFP and associated gap financing.
RECOMMENDATION: That City Council:
1) Introduce and approve on first reading on January 11, 2022, and set for second reading, public hearing, and final approval on January 22, 2022 an ordinance (Attachment 1) adopting the Tourism Development Plan (Attachment 2) endorsing a proposed tourism project at 699 Prince Street which entitles the project to gap financing derived from certain state and local tax revenues; and
2) Approve the proposed Performance Agreement and, subject to passage of the docket item titled TDFP 699 Prince St Ordinance at public hearing, authorize the City Manager to negotiate and execute a Performance Agreement substantially in conformance with the attached agreement (Attachment 3) between the City, the Alexandria Economic Development Partnership (AEDP) or its designee Alexandria Industrial Development Authority, and J River 699 Prince Street LLC (Developer).
BACKGROUND: The Virginia General Assembly passed legislation in 2011 enacting a Tourism Development Financing Program under the purview of the VTC, which entitles an authorized tourism project to receive certain state and local tax credits and deductions and certain regulatory flexibility only offere...
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