A view of the 20th Street Extension area where a new 86 room extended stay hotel and conference center may be constructed. Photo by Carol A. Clark/ladailypost.com
In an effort to meet its goal of enhancing support and opportunities for the local business environment, the Los Alamos County Council will consider at its meeting Tuesday evening, introducing Ordinance No. 695, which adopts an economic development project for public support of TNJLA LLC.
The requested public support is for a grant of County owned parcels of land on 20th Street Extension, which has the “Smart House” on it. The total acreage is approximately 3.0204 acres. TNJLA has made the request for the donation of the County land so that it can develop a new 86 room extended stay hotel with a conference center that accommodates 250-300 people banquet style in Los Alamos.
The extended stay hotel is part of the Marriott extended stay brand, which provides everything guests need to be comfortable and productive on longer stays.
TNJLA is a New Mexico corporation headquartered in Albuquerque has many other hotel properties in New Mexico and this would be the company’s first investment in Los Alamos County.
The project includes the following key terms:
- County land will only be released to TNJLA upon entering into a Project Participation Agreement with the County;
- TNJLA must submit and be issued a Building Permit for new construction for the new hotel within 12 months of the effective date of the PPA;
- TNJLA will issue the County a Financial Guaranty in the form of a personal guaranty for the time period from the date of the County conveys the property to TNJLA to six months after the Certificate of Occupancy is issued for the hotel/conference center and a subordinated lien for the grant amount in a prorated/decreasing value for the 10 year period of the PPA;
- TNJLA agrees to actively and continuously operate the hotel and conference center for the 10 year PPA term;
- TNJLA will create and maintain a minimum of 17 full time jobs.
The Council approved Ordinance No. 543 at its meeting June 9, which amended and restated the County’s Economic Development Plan in compliance with the New Mexico Local Economic Development Act. Based upon the guidelines within this program the applicant, TNJLA LLC., submitted the required materials for consideration of support.
A Public Hearing on Ordinance No. 695 is scheduled for 6 p.m. Tuesday, Aug. 27 in Council Chambers at 1000 Central Ave.
Should the project be approved, the fiscal impact is minimal to the County since the grant is in the form of a land donation. The staff impact is minimal as the performance review metrics will be studied on an annual basis.