Charlottesville is in negotiations with the developer of a long-delayed project on the Downtown Mall.
City Council is expected to receive a report from the Charlottesville Economic Development Office on Monday, February 20.
The report will offer a potential agreement between the city and Dewberry Capital over the stalled Landmark Hotel.
Per the outlined agreement, Charlottesville would offer to provide a performance grant to the developer, saving Dewberry between $150,000 and $300,000 each year for over a decade. Additionally, the city will lease 75 parking spaces in the Water Street garage to the hotel for five years.
In return, the developer would move forward with work on the structure and pay all the required city taxes.
Both sides are aiming to have the Landmark Hotel completed sometime in 2018, nearly 10 years after construction initially stopped.
The hotel is expected to generate between $800,000 and $950,000 in annual city tax revenue.
A city spokesperson says the Charlottesville City Council would need to formally vote on an agreement at a later meeting.
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