Title
Introduction and Discussion on the Local Economic Development Act (LEDA) Participation Agreement and Metropolitan Redevelopment Area (MRA) Development Agreement High Level Terms for the Guest House Project
Body
The purpose of this item is to introduce the new Guest House Project before the Council considers formal introduction and public hearing of a Development and Participation Agreement ordinance. No action is requested and the developer representative, Tucker Sharp, from Grand Mesa Partners 400 Trinity Drive Hilltop Owners LLC ("GMP400") will attend to give a project overview and answer questions.
An initial LEDA/MRA application was submitted by GMP400 on April 12, 2026. Staff is currently working collaboratively with the developer team to clarify the project scope and public financial request, in order to finalize a LEDA and MRA agreement.
The proposed project will be located at 400 Trinity Drive to construct a new 60-key extended-stay hotel, targeting seasonal interns, post-docs, visiting researchers, and other professionals. Rooms will also serve business and leisure tourists when available. The estimated project construction cost is more than $11 million.
The requested County fiscal participation from the Economic Development fund is a total of $3,875,000. The breakout is as follows:
--$1,000,000 is in the form of a loan
--$2,000,000 is in the form of a grant
--$875,000 is in the form of an MRA grant
The loan is a ten year, zero interest loan to be paid back starting in year three through year ten of the participation agreement. The economic benefit of the redevelopment project is estimated to exceed $360,000 of gross receipts tax on construction, with additional revenue generated by food and beverage sales, and lodgers tax over the ten years of the participation and redevelopment agreement terms. Additionally, the project is anticipating generating three (3) new full-time equivalent jobs.
The anticipated Introduction of the Ordinance is August 7 or August 11, 2026, and the Public Hearing for the Ordinance will be on August 25, or September 8, 2026, respectively.
Fiscal and Staff Impact/Planned Item
Approved and executed LEDA / MRA Development Agreements and PPAs are funded from the Economic Development fund.
Attachments
A - Project Presentation