CLEAR LAKE — The Clear Lake City Council tonight will consider approving an economic development agreement which includes a $4 million urban renewal development loan with the developer of the Courtway Park subdivision.
The agreement with WillowStream LLC includes a proposed $16 million hotel and conference center development on a 5.8 acre piece of land on the southwestern portion of the subdivision. As part of the agreement, WillowStream is required to develop at least: a 75-room, midscale to upper-midscale hotel brand project; a restaurant covering about 5000 square feet; and an 8500 square foot conference center.
Mayor Nelson Crabb says the loan is different than a typical economic development loan, where the developer won’t get the money upfront, but at the end of the project. “We feel that’s very possible. Discussions have gone on with the potential developer for quite some time now about is this possible to do once this has done, or does it have to be up front. All of that has been going on for some time, and we feel that this is the best way for both parties.”
The council meets tonight at 6 o’clock at Clear Lake City Hall.