[ad_1]
The project, if approved by city council, is expected to be completed by the end of 2024, the city said. It will include nearly 11 acres of city-owned land near the Great Miami River and encompass more than 50 acres of the historic downtown.
The city said the project could lead to thousands of jobs, and the “unprecedented spin-off and multiplier affect” of millions of yearly visitors to downtown Middletown.
The proposed project could result in “dramatically increased” long-term revenues to the community in the form of recurring income taxes, property taxes, and other associated fees, the city said.
“‘Hollywoodland’ can truly transform the community to make Middletown a destination – both regionally and nationally.” according to the staff report.
Late last year, the city started focusing attention on the transformational redevelopment of the city-owned 10.98-acre along the riverfront. In March City Council approved spending $250,000 on a redevelopment study to determine if a large-scale, hospitality and destination entertainment-focused project could be “economically viable and sustainable,” the city said.
The city expects to expend $700,000 to $800,000 more in legal, engineering, lobbying, and professional consulting services and activities in support of the public improvements, according to the staff report.
The city expects to utilize $7.5 million in American Rescue Plan Act Funds toward pre-construction design, engineering, financial structuring, and other pre-closing and due-diligence efforts.
Other items on the City Council agenda: A resolution authorizing Palenick to enter a contract with the State of Ohio, Department of Transportation for the rehabilitation of the Ohio 122 bridge over the Great Miami River; and an ordinance authorizing an extension of the contract with CBM Managed Services, now known as Summit Food Service, for jail food service in 2022.
The ‘Hollywoodland’ development is expected to include:
- A destination hotel and attached, publicly-owned convention center with roof-top bar, themed restaurant and assorted amenities.
- A second, family-oriented hotel and water park.
- A third, historic, boutique hotel located within the adaptively-redeveloped First National Bank building.
- A major, indoor entertainment and concert venue for large, nationally and internationally-acclaimed artists and touring Broadway productions.
- An indoor amusement park containing multiple, themed entertainment-based rides, virtual reality experiences, immersive entertainment opportunities and integrated retail, food and beverage.
- Structured and integrated underground deck-based publicly-owned parking with more than 3,000 spaces.
- On-site, mid-rise, luxury, market-rate apartment units and/or condominiums.
- Permanent, pre-and post-production motion picture studio sound stages and support offices and infrastructure.
- Multiple, restaurants, bars, brew-pubs, and cafes, and a likely comedy club.
- Integrated fashion, electronic, lifestyle, convenience, and recreational retail.
SOURCE: City of Middletown
HOW TO GO
WHAT: Middletown City Council meeting
WHERE: Council Chambers, City Building
WHEN: 5 p.m. Tuesday
[ad_2]
Source link