Texas Hotel Management plans to build a $10 million medical facility on 6 acres of land in the College Station Medical District that would employ 200 people with an annual payroll of over $7.6 million. The City Council will consider approving an economic development agreement at future meetings in November where the city would contribute up to $300,000 to fund off-site improvements, with $165,000 from bond funding and $135,000 from The Med to extend Normand Drive. Staff recommends the council approve the proposed economic development agreement.

1. College Station City Council
Regular Session
October 25, 2012

3.  Owner: Texas Hotel Management, L.P.
 Zoned: Planned Development District (01/12/12)
Uses include hospital, medical clinics, and commercial

4.  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

6. 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

9. Staff recommends that Council approve the proposed
Economic Development Agreement.