03 Nov One Beverly Hills Development Agreement and City Council Meeting Dates Announced
We’re happy to share important updates on the One Beverly Hills Project:
The Beverly Hills City Council will be discussing the new One Beverly Hills plan at their meeting on November 7, 2016 at 2:30 PM. The One Beverly Hills plan heads to the City Council after receiving strong support from the Beverly Hills Planning Commission. There will be an opportunity to provide public comment at the Council meeting, and we will share the agenda for that meeting once it is posted publicly. The One Beverly Hills project will also be discussed at special City Council meetings on November 8th and 9th.
At these meetings, the Council will consider the Specific Plan for the Project, the Supplemental Environmental Impact Report, and the new Development Agreement for the project. The City of Beverly Hills announced an update to the One Beverly Hills development agreement this week that provides “unmatched” benefits to the City of Beverly Hills. The new agreement will result in an additional $560 Million in payments to the City of Beverly Hills over the next 30 years. You can read the City’s full press release about the agreement here.
According to the press release, “The agreement far surpasses the original agreement that was approved in 2008, and includes an additional $30 million dollars in upfront fees for a total of $60 million dollars; a quadrupling of the Environmental Mitigation and Sustainability (EMS) Fee; and a Municipal Surcharge of 5% of the gross room revenue of the Hotel, in addition to the Transient Occupancy Tax of 14%.”
Mayor John Mirisch stated, “Without any doubt this is by far the best development agreement ever negotiated for Beverly Hills, and possibly the richest development agreement per square foot negotiated anywhere by a municipality. If approved, the revenue will help fund infrastructure improvements, public safety and cultural programs that will ensure that Beverly Hills remains an ideal city for residents, businesses and visitors.”
“If approved, our residents and businesses will benefit from this agreement for generations,” said Councilmember Bosse, who led the negotiations for the Development Agreement for the City Council. “I am so thrilled that we were able to negotiate this extraordinary agreement recognizing the unique value and appeal of investing in the future of Beverly Hills.”
We are very pleased that the modifications to the Development Agreement will make the One Beverly Hills project even more beneficial to the City. We look forward to the important City Council hearing process and improving upon this gateway to the City of Beverly Hills after all these years!