City of Lincoln
2008 Media Releases
Proceeds to help fund City share of new Ice Center
Mayor Chris Beutler announced today that the City has sold the BurnhamYates Conference Center to the owners of the adjoining Cornhusker Marriott Hotel. The transaction will put the property back on the tax rolls, and the City will use the proceeds to fund its share of the new Ice Center in the West Haymarket sports triangle.
“The sale provides several main benefits to the City,” said Beutler. “We’ll now be collecting property tax on the facility. The proceeds from the sale exceed the value of future cash rent. At the same time, the sale provides us with most of the funds for our share of the new Ice Center, a project that will have a major long-term economic impact on the entire community and is of major recreational value.”
The 40,000-square-foot Conference Center is connected to the hotel on the north. It includes the ballroom and meeting rooms on the main and lower floors as well as the pre-event and atrium areas. The Cornhusker Square Parking Garage is not part of the sale and will continue to be owned by the City.
Shubh Hotels LLC bought the property for $580,000. The sale is pending approval by the Lincoln-Lancaster County Planning Commission, which will determine if designating the property as surplus is in compliance with the Comprehensive Plan. The sale is also subject to approval of the City Council.
The City has owned the Conference Center since it was built in conjunction with the hotel in 1983. The Cornhusker Marriot has managed the property. The City will retain the right to use the Conference Center for six days per year through 2017.
The Ice Center project announced in December is a joint project of the City and the University of Nebraska. Former Lincoln resident and Nebraska State Auditor John Breslow provided a major donation to make the project possible, and it is expected that at least 80 percent of Ice Center’s $11 to $12 million cost will be privately funded.