BY MAIRE O’NEILL
Los Alamos may look forward to a Marriott Hotel and Conference Center on the 20th Street Extension if an ordinance slated to be introduced at Tuesday’s Los Alamos County Council meeting is eventually passed.
A company called TNJLA has applied for support under the County’s Economic Development Plan in compliance with the Local Economic Development Act (LEDA) for a grant of County owned land on the 20th Street Extension comprised of six lots including the lot where the Smart House is currently located.
TNJ’s cofounders are Tushar Patel and Jayesh Patel, both University of New Mexico graduates, who are involved in the Holiday Inn Express Albuquerque Airport, Hampton Inn and Suites in Carlsbad and Hilton Garden Inn in Hobbs among other properties. The 20th Street Extension project would involve developing an 86-room extended stay hotel with a conference center that would accommodate 250 to 300 people banquet style.
The real property which would be turned over to TNJLA has an appraised value of $1,825,000.
Some of the key terms of the proposed agreement between the County and TNJLA are:
- County land would only be released to TNJLA upon entering into a Project Participation Agreement (PPA) 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 ordinance is on Tuesday’s County Council meeting agenda for introduction. It would then be published prior to coming before Council for a vote.