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FINANCING OBLIGATION -3rd & BROADWAY <br />•Development includes a 75-room hotel, 171 apartment units, 13,419 square feet of commercial space <br />and 10-story parking structure <br />•Development agreement obligates City to fund a maximum of $13 million to demo existing structure, <br />prep the site, construct public parking within the new 10-story parking structure, and reconnect <br />Sycamore Street <br />–City funding requirement likely to be triggered fall 2022 <br />•City transfers property to developer, but retains ownership of 211 public parking spaces <br />•Developer is obligated to repay the $13 million <br />–If developer does not pay, then City can foreclose <br />on the property <br />•City Funding can be either: <br />–Outside financing obtained by the City, compliant <br />with City’s Debt Management Policy (bonds, <br />private placement) <br />–General Fund, recommended by staff on March 15 <br />34