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01-09-12 Council Agenda & Packet
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01-09-12 Council Agenda & Packet
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DRAFT: 12/15/2011 <br /> SUMMARY OF CHASE TOWER DEVELOPMENT AGREEMENT <br /> ® Care Hotels will invest a minimum of$4 million in equity in the purchase and <br /> rehabilitation of the Chase Tower and make Building Improvements in an amount not <br /> less than$11,400,000, as described on the attached Exhibit A. <br /> • The City will purchase a 99 year leasehold interest in the Chase Tower parking garage in <br /> exchange for$5.7 million dollars, and the proceeds will be available for improvements to <br /> the Chase Tower building. <br /> • The proceeds of the parking garage transaction will be held in escrow until Care Hotels <br /> has spent a minimum of$5.7 million of its own funds on Chase Tower Building <br /> Improvements. <br /> • Until the hotel is re-branded as an"Upper Midscale"hotel, no more than $1.5 million in <br /> escrowed funds may be accessed by Care Hotels <br /> • Care Hotels is required to maintain the office building portion of the Chase Tower as <br /> Class B or better office space for ten years. <br /> • Care Hotels is required to operate the hotel portion of the Chase Tower as an"Upper <br /> Midscale" hotel or better for ten years. <br /> • Failure to maintain the office building as Class "B" office space or failure to operate the <br /> hotel as a Qualified Hotel Brand for ten years will require Care Hotels to reimburse the <br /> City for the $5.7 million purchase price in an annual prorated amount for the number of <br /> years remaining at the time of violation of the requirement. <br /> • Care Hotels will use commercially reasonable efforts to recruit and hire minority and <br /> women employees in its operations and to utilize local contractors and vendors for its <br /> improvements to the Chase Tower building. <br /> • Care Hotels will not seek any real or personal property tax abatement for ten years. <br /> • Care Hotels will not appeal any real property tax assessment for 10 years unless the <br /> assessed value exceeds $12 million. <br /> • As security for its obligations, Care Hotels will grant the City a mortgage lien and <br /> assignment of rents in favor of the City, such lien and assignment to be subordinate to the <br /> interests of Care Hotels' lenders <br /> BDDB019038430A <br />
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