“We’d actually kind of run out of time on the previous [term of the agreement], so the extension allows us to move forward,” Mayor Pro Tem Durran Dowdle said.
A memorandum of understanding, commonly referred to as an MOU, is an agreement between government entities and business partners. The Katy Boardwalk agreement lays out certain project deadlines:
- Preliminary design criteria and a site plan are due by Oct. 31.
- A nonbinding letter of intent from a hotel franchisor and a draft of the franchise agreement and a letter of intent from a hotel operator are due by Nov. 30.
- A recommended financial structure for the project, including private debt and equity and public investment for the project is due by Nov. 30.
- An estimated construction schedule is due by Nov. 30.
The agreement will not expire Dec. 31 of this year, barring further renewals or extensions according to the document.
Dowdle said no hotel has been formally identified to go into the boardwalk at this time.
The Katy Boardwalk Project is located on the south side of Kingsland Boulevard, across the boulevard from Katy Mills. Once completed, the Katy Boardwalk District will include a shopping center, apartments, restaurants, green spaces and a nature preserve.
Council Member Chris Harris said he is excited about the nature preserve that will be a part of the project.
“It’s going to be a beautiful park. You’ve got 90 acres of prime land that’s going to be preserved for detention. It’s going to be tree-filled [and] have areas for migratory birds to come in,” Harris said.