There are 5 article(s) tagged One Beale backstop:
The scorecard looks at two special meetings this month that filled an open council seat, shut down another city charter change ballot question and approved a compromise on One Beale.
The special meeting is the second in a week for the council. The compromise involving $10 million was announced by Mayor Jim Strickland before the Labor Day weekend.
The agreement announced Thursday, Sept. 1, bypasses a city backstop of a reserve fund Carlisle Corp. had sought. Instead, the city puts up $10 million to be repaid by the One Beale developers in 10 years.
The City Council Scorecard tracks the council votes that killed a bid for city primaries and sent a One Beale financial backstop to the mayor’s office even though the mayor says he won’t act on it.
Some City Council members think the city could take on more risk with One Beale’s Grand Hyatt, while some say other projects come first.
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