City of Newnan Agenda Packet 2026-06-16
City Amends 57 East Broad Hotel Development Agreement
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Description
Newnan is amending its intergovernmental agreement with the Downtown Development Authority for the 57 East Broad Street hotel project, updating terms to accommodate Red Hills Hospitality Management LLC or another hotel developer. The amendment extends the agreement to June 30, 2027, and revises lease and purchase option provisions, including a $2.4 million credit for hotel site infrastructure work tied to future bond financing.
Contract Details
Vendor
RED HILLS HOSPITALITY MANAGEMENT LLC
Agency
City of Newnan, GA
Contract Type
OTHER
Document Date
June 16, 2026
Contract Term
Through June 30, 2027, with potential extensions per amended IGA framework
Renewal Date
2027-06-30
Renewal Info
Original IGA dated July 23, 2025; this first amendment extends the IGA term to June 30, 2027, and modifies purchase option pricing and lease commencement; further extensions would require additional amendments.
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