Approval of a Professional Services Agreement with PKF Consulting for a Market Study of the Feasibility of a Full Service Hotel as part of the Washington/National Project. City of Culver City California Redevelopment Agency Agenda Item Report Meeting Date: 07/21/08 AGENDA ITEM: Approval of a Professional Services Agreement with PKF Consulting for a Market Study of the Feasibility of a Full Service Hotel as part of the Washington/National Project. Contact Person/Dept.: Glenn Heald/ CDD Phone Number: (310) 253 5752 Item Number: A 1 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Public Notification: Master E Mail Notification List (07/16/08). Action Item: X Attachments: X Department Approval: Sol Blumenfeld (06/24/08) Chief Financial Officer Approval: Jeff Muir (by M. Noller) (07/02/08) Executive Director Approval: Jerry B. Fulwood (07/16/08) RECOMMENDATION: Staff recommends the Redevelopment Agency approve a professional services agreement with PKF Consulting for a market study of the feasibility of a full service hotel as a component of the Washington/National Triangle Site development project in a total amount not to exceed $14 000. BACKGROUND/DISCUSSION: On March 6 2008 the Agency provided conceptual approval of the proposed revisions to the Washington National Transit Oriented Development project also known as the Triangle Site . The plan provided a variety of development alternatives incorporating office retail residential restaurant and hotel uses located around a central major open space. Two of the plan development alternatives included a high end boutique hotel component which provided a favorable return to the city through transient occupancy tax (TOT) but somewhat less residual land value return to the Agency. Overall the development alternatives with a hotel provided the greatest city revenue on an annual basis. The plan recommended that the Agency commission a market study to identify the potential market area and price point for the propo...
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