The agreement, which Metro Council is expected to approve later this month , also requires city gove

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The deal Mayor Greg Fischer announced this week to bring a 30-story, 600-room Omni hotel tower downtown would add a new skyscraper to the city skyline for the first time since 1993, help attract tourism and other economic activity to downtown Louisville, and provide welcome relief for a Central Business District increasingly desperate for hotel rooms.
It also would impose unprecedented limits on Metro’s ability to make certain large-scale economic development enterprise rent a car san diego deals in the coming years while requiring the city to work on Omni’s behalf in ways it has not done before for a private entity. And if the city’s financing scheme for the project’s public costs were to fail, taxpayers would be left footing enterprise rent a car san diego the bill.
The $289 million public-private deal — to which Metro is contributing $139 million — is in many ways a natural evolution for the city. Not unlike similar cities, Louisville has trended during the past several years toward greater public involvement in private development deals, from Fourth Street Live and the KFC Yum! Center to other downtown hotels, including the Marriott that stands in the projected Omni tower’s eventual shadow.
Skyscrapers are big deals, and the Omni deal is massive, to be sure. It represents a sort of apex for the Fischer administration, which has focused on drawing in major, enterprise rent a car san diego marquee economic development projects that create jobs, drive new spending, and help establish a more permanent tax base in the city’s growing downtown.
However, for the first time, this deal also limits the city in future development projects that are similar to Omni. Under its agreement with Omni, Metro government would be barred from participating in any other projects in excess of 400 rooms and within a 1-mile radius of the Omni’s footprint unless the incentives it provides enterprise rent a car san diego are worth less than $10 million — a pittance to the high-profile deals that have come to define parts of downtown.
In effect, with Omni’s enterprise rent a car san diego projected enterprise rent a car san diego open date in 2018, the provision would prevent Metro from subsidizing any new hotel development in the heart of the city — or in support of an expanded convention enterprise rent a car san diego center — for the next 10 years.
The non-compete clause is typical of recent Omni deals in other cities. In both Nashville and Fort Worth, Texas, Omni has built hotels — and benefited from multimillion-dollar packages enterprise rent a car san diego of city incentives enterprise rent a car san diego — while effectively coercing city governments seeking signature developments to limit competition.
Omni Chief Financial Officer Mike Garcia said earlier this week the provision gives his company time to “stabilize” its $150 million investment in downtown Louisville — which it is making without taking on new debt. At a news conference on Tuesday, Mayor Fischer called the provision a “fair part of the deal.”
But the provision has irked some local developers, whom IL granted anonymity to speak freely because of the sensitive nature of their business. enterprise rent a car san diego They told IL the non-compete clause would needlessly prevent future opportunities without offering city government any real benefit. They also worry Metro is focusing its economic development efforts on big projects like Omni to the exclusion of locally driven, smaller-scaled investments that could better prioritize livability and quality of life downtown. And without the ability to help finance new downtown hotels near an expanded convention center, they said Metro might find itself bereft enterprise rent a car san diego at key points down the line.
During Tuesday s news conference, enterprise rent a car san diego Mayor Fischer indicated the city would have no need to seek additional hotel deals anytime soon. With Omni, there are seven ongoing hotel construction projects downtown, promising 1,500 new rooms.
And the lure of a four-diamond hotel stretching 30 stories into the sky is strong, even for those who might find themselves competing with Omni. Mary Moseley is CEO of the Al J. Schneider Co., which owns and manages the Galt House Hotel and several downtown office suites. She said Omni’s decision to build here “shows that Louisville is growing and becoming a premier destination.” The Convention and Visitors Bureau has echoed that sentiment numerous times this week.
The agreement, which Metro Council is expected to approve later this month , also requires city government to promote the hotel and “encourage” any entity that markets the city’s Central Business District to include the Omni in its promotions. In other words, if a convention comes to town and the city is promoting it, it must also promote the Omni alongside it.
A spokeswoman for Omni seemed pleased — if a little surprised — to learn of the provision, which she said isn’t typical of their deals but reflects the company’s and city’s mutual interest in promoting the project. Mayoral spokesman Chris Poynter told IL it simply enterprise rent a car san diego prevents the city from promoting one hotel or downtown entity without doing the same for Omni, adding that the Convention and Visitors Bureau — which is not part of the agreement enterprise rent a car san diego — handles marketing for conventions and related business.
enterprise rent a car san diego The city also negotiated a profit-sharing arrangement that requires Omni to pay Metro 10 percent of what it earns at the site over $14 million starting in its fourth fiscal year of operation. But that will be capped at $1.25 million per year and $18 million — total — over 30 years. The $120 million bond issue the city is asking Metro Council to approve stretches over the same horizon. Poynter said the city is happy to have the arrangement; he declined to address why it was capped. A spokeswoman for Omni told IL revenue sharing isn’t usually part of their deals, and that the city required enterprise rent a car san diego it be included.
And while a new Omni skyscraper would likely become a destination point downtown, the city did not negotiate any requirements that Omni work with Metro or the CVB to ensure it has rooms available for conventions or other events that might come to town. In Nashville, where city government provided $128 million in taxpayer-funded incentives to Omni to build the signature hotel for its new convention center, the hotel operator is required to give 80 percent of its rooms to citywide conventions booked three years in advance enterprise rent a car san diego and 50 percent for those booked two years ahead of time. Louisville has no such requirement.
For a project whose public financing depends entirel