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ChatGPTClaudePerplexity· Related development
LGC board approves amending and assigning the Embassy Suites lease to Summit Hospitality 178, 6-0
At a special meeting the LGC board voted 6-0 to amend its Lease and Development Agreement with the convention hotel's owner (adding transfer language after a change in ownership and operating structure, and allowing CPI increases to parking-space rent with either paid meters or free time-limited parking), 6-0 to assign the lease from Supreme Bright Amarillo II, LLC to Summit Hospitality 178, LLC, and 6-0 to issue a ground lessor's estoppel certificate. Staff reported the hotel had met its performance requirements and no performance payment was expected. On December 13 the TIRZ #1 board unanimously approved assigning two hotel incentive agreements (90% property tax rebates for 20 years) to Summit Hospitality 177 and 178.[1][2]
Andrew FreemanLaura StorrsJerry DanforthHoward SmithAmarillo Local Government Corporation (LGC)Summit Hotel Properties
What the sources say
- ✓ Verified
Andrew Freeman said the amendment added transfer language needed because of a change in the Embassy Suites' ownership and operating structure and revised Section 3.62 so CPI increases to parking-space rent are allowed with either paid parking meters or free short-term time-limited parking (the lease had allowed increases only with paid meters). The board approved the amendment (moved by Dr. William Biggs, seconded by Jennifer Gallardo), the assignment from Supreme Bright Amarillo II, LLC to Summit Hospitality 178, LLC, and the estoppel certificate, each 6-0. Freeman reported the hotel's performance had met the requirements and staff did not anticipate a performance payment. [1]
- ✓ Verified
In April 2020 Freeman told the LGC board the hotel's performance guarantee was based on 63% occupancy and a $125 average daily rate; in March 2021 he said the City had made no payments under it and that it would end in December 2021. In March 2022 the hotel's general manager reported the guarantee had expired in December, and staff said the hotel's tax rebate agreement was in year five of twenty. In May 2022 the LGC's auditor said the hotel met its performance requirements for the year. [3][4][5][6]
- ✓ Verified
On December 13, 2021 the TIRZ #1 board approved, unanimously, assigning its incentive agreement with Amarillo Hospitality, LLC to Summit Hospitality 177, LLC (moved by H.R. Kelly, seconded by Joseph Peterson) and its agreement with Supreme Bright Amarillo II, LLC to Summit Hospitality 178, LLC (moved by Kimberly Warminski, seconded by Jackson Latimer). Freeman said both kept the same terms, a 90% property tax rebate for 20 years, and that the second agreement's first payment was made in 2018. A public speaker raised concerns about lost taxes, signage for the public passageway through the hotel, and keeping the hotel's Four Diamond rating. [2]
