DATE: November 26, 2014
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russ Truell, Assistant City Administrator
SUBJECT:
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Consideration of Resolution 2014-91, a Resolution to Authorize Capital Improvements at Cool Springs Conference Center. (01/08/15 Finance 4-0)
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the capital improvements at the Cool Springs Conference Center
Background
The Cool Springs Conference Center is adjacent and connected to the Cool Springs Marriott hotel. In July of this year, the ownership of the hotel changed. During the approval process of the ownership change, Marriott determined that the rooms, restaurant, lobby and common facilities should be upgraded to meet current market standards. In order to maintain design flow and continuity with the hotel, the Conference Center rooms and common areas should also be upgraded.
The contract with the Conference Center operator calls for refreshing the carpets, wall coverings, lights and other appointments on a five year cycle. That cycle calls for an update in 2015, beginning in the spring and continuing until completed in September
Financial Impact
As part of the contract with the Conference Center management, an amount equal to four percent of all revenues is put aside each month to allow for complete renovation on the five year cycle. That amount, which has been escrowed, will be used to fund the capital improvements.
Recommendation
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Staff recommends approval of Resolution 2014-91, authorizing the City Administrator and City Attorney to approve on behalf of the City the capital improvement plans presented by Davidson Corporation and to sign off on renovation requisitions as they are presented during the next year.