SUBJECT: Direction from the City Council Regarding the Use of the Economic Development Opportunity Fund in the Amount of a $100,000.00 Contingent Contribution Towards the Revitalization of Downtown Merced Through the El Capitan Hotel Renovation Project REPORT IN BRIEF Staff is seeking direction from Council regarding the use of the Economic Development Opportunity Fund in the amount of $100,000.00 towards the on-going revitalization of Downtown Merced through the El Capitan Hotel renovation project. RECOMMENDATION City Council - Adopt a motion: A. Directing staff to use the Economic Development Opportunity Fund (Fund 74) to contribute towards the revitalization of Downtown Merced in the amount of $100,000.00 towards the El Capitan Hotel Renovation Project; and, B. Instructing staff to report back with a contingent contribution agreement with the El Capital Hotel developer for Council consideration; and, C. Authorizing the Interim City Manager to proceed with drafting the contingent contribution agreement.

Report Item Passed Introduced November 9, 2020

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Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Introduced: November 9, 2020
On agenda: November 16, 2020
Passed: November 16, 2020