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Approval of the First Amendment to the Economic Development Agreement Between Vista Ridge Lodging, LLC and the City of Lewisville; and Authorization for the City Manager to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
The City and Vista Ridge Lodging, LLC entered into an Economic Development Agreement dated January 27, 2020 to build a $14,000,000 Aloft Hotel development consisting of 120 guest rooms, a bar, and a full-service restaurant. This first amendment provides a 24-month extension of the construction commencement date from December 31, 2020 to December 31, 2023 and a 24-month extension of the construction completion date from December 31, 2024 to December 31, 2026.
RECOMMENDATION:
That the City Council approve and authorize the City Manager to execute the first amendment as set forth in the caption above.