TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Scott Agajanian, Economic Development Director
PREPARED BY: Martha Samaniego, Management Analyst
SUBJECT:
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Second Amendment to the Transient Occupancy Tax Revenue Sharing Agreement
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RECOMMENDATION
recommendation
Authorize the City Manager to execute the Second Amendment to the Transient Occupancy Tax Revenue Sharing Agreement with Olympus Real Estate Holdings, LTD., a Texas limited partnership, dba The Murrieta Hot Springs Resort & Spa.
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PRIOR ACTION/VOTE
On June 15, 2021, after conducting the required economic development subsidy hearing, the City of Murrieta and Olympus Real Estate Holdings, LTD., a Texas limited partnership, dba The Murrieta Hot Springs Resort & Spa, entered into a Transient Occupancy Tax Sharing Agreement (Vote: 5-0)1.
On March 21, 2023, the City Council authorized the First Amendment to the Transient Occupancy Tax Revenue Sharing Agreement with Olympus Real Estate Holdings, LTD, a Texas limited partnership, dba The Murrieta Hot Springs Resort & Spa (Vote: 5-0)2.
CITY COUNCIL GOAL
Aggressively pursue economic development.
BACKGROUND
The City of Murrieta (City) has identified attracting tourism and leisure opportunities that draw residents and visitors as an Economic Development Goal in the City's General Plan. One of the supporting policies listed to meet this goal is to encourage the development of tourism and leisure opportunities that attract residents and visitors, including a full-service resort that incorporates local amenities and attractions, such as the mineral hot springs.
In 2020, the Economic Development Department began a dialogue with Olympus Real Estate Holdings, LTD, a Texas limited partnership, dba The Murrieta Hot Springs Resort & Spa (Developer). This conversation progressed, with the Developer purchasing property located at 39401 - 39407 Murrieta Hot Springs Road, Murrieta, CA 92563 (APN: 913-150-008, 913-130-051, 913-130-052...
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