Economic Development Agreement -- Extension of Normand Drive

Economic Development Agreement – Extension of Normand Drive

College Station City CouncilRegular Session

October 25, 2012

Owner: Texas Hotel Management, L.P. Zoned: Planned Development District

(01/12/12)Uses include hospital, medical clinics, and commercial

1401 Arnold Road – 17.07 acres

City has been working to locate since Spring 2012 Fills a need of the community and region

Preferred site within College Station Medical District

$10M Real and Personal Property Investment 200 FTEs (Physicians, Nurses, Techs, Office Staff)

$7.6M+ Gross Annual Payroll

Future Agenda Items on November 8th and 19th

Specialized Health Hospital

Texas Hotel Management, LP Design and Construct Offsite Improvements Sale of approximately 6 acres to prospect

City of College Station Pay up to $300,000 of Offsite Improvements◦ $165,000 bond funding for oversize participation◦ $135,000 from The Med for Normand Drive extension

Economic Development Agreement

Staff recommends that Council approve the proposed Economic Development Agreement.

Recommendation