The agreement states the city will waive $70,000 of impact fees for the developer and $80,000 in development fees. However, the developer will still be obligated to pay for public works, fire and sanitation fees.
In exchange for these incentives, the agreement states that construction must begin on the hotel by December 2021 and reach substantial completion by December 2024.
According to city documents, Aloft Hotel by Marriott is expected to cost $14 million. The hotel will include 120 guest rooms, a bar and a full-service restaurant.