On a 12-0 vote, the council agreed to provide a combination of subsidies and loans to Related Cos., which is seeking to build two towers — one 38 stories, the other 16 — across from
The council's proposal would allow Related to keep nearly half of the $396.9 million in tax revenue that would be generated for the city by the project over 25 years. That money would normally flow into the general fund, which pays for police, firefighters and other city services.
City officials calculated the present-day value of the financial aid at up to $66.6 million, since the value of a dollar is expected to steadily decline over 25 years. That money is expected to cover about half of the project's financial gap, according to city analysts.
The financial aid plan was approved without any discussion by council members.
The Grand Avenue project is expected to create 1,914 full-time jobs and 3,597 temporary construction jobs. In addition to a 305-room Equinox hotel, the development would offer 301 apartments, 128 condominium units and various stores and restaurants.
Construction is expected to begin by the end of 2017.