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City has a development agreement for a boutique <br />hotel and housing project at 3rd & Broadway <br />The City -owned parking garage will be demolished <br />Currently expected to generate revenue of $321,300 <br />City Funded Improvements: Up to $13 million for <br />demolition, site prep and Sycamore reconnection <br />Developer is obligated to repay this with future parking <br />revenue