Title
A Resolution Approving Consent to the Assignment of an Economic Development Agreement Between the City of Colorado Springs and Mining Exchange Group, LLC, to KWHP Mining Exchange Group, LLC
Presenter:
Bob Cope, Economic Development Officer
Body
Summary:
The City of Colorado Springs entered into an Economic Development Agreement (EDA) with Mining Exchange Group, LLC, (MEG) under the authority of City Council-approved Resolution No. 59-10, dated April 27, 2010. MEG and KWHP Mining Exchange Group, LLC (KWHP) have entered into a Purchase and Sale Agreement to convey the Mining Exchange Hotel property to KWHP. MEG desires to assign the MEG interest in and to the EDA to KWHP. KWHP desires to accept the MEG interest in and to the EDA. MEG and KWHP request that the City consent to an Assignment and Assumption Agreement thereby assigning the MEG interest in and to the EDA to KWHP.
Background:
The Mining Exchange is a 117-room boutique hotel located at 8 South Nevada in Colorado Springs. It opened in May 2012. In 2010, the Mining Exchange Hotel project required the renovation of four historic buildings, three of which were originally constructed by Winfield Scott Stratton, who was one of America's richest men at the time and who made his fortune in gold. The Mining Exchange Building opened in 1901 and was the location where miners brought in precious metals in exchange for currency. Adjacent to the Mining Exchange Building is the Independence Building, which was home to the first post office in Colorado Springs. The Freeman Telegraph Building adjoins the Independence Building. All three buildings feature vaults used for storing gold and other precious materials. The safes, ornate staircase, granite arches, and other elaborate details of the buildings remain after the hotel conversion to educate visitors of their historic significance while restoring the buildings to their past glory.
The Mining Exchange Group undertook a major renovation project to c...
Click here for full text