MONTEREY, Calif. (KION) - On Tuesday, in a 5 to nothing vote, the Monterey City Council passed an economic incentive agreement with Lakshmi Hotel Partners. The project site hasn't seen a new major development in over 40 years; the city hopes this new hotel will be a kick start to the street's revitalization. "The idea is to infuse mixed-use development and encourage redevelopment of our hotels along the street," said Kimberly Cole, Community Development Director for Monterey. "An opportunity to actually raise additional money for library services, police services, fire services, recreation services that really don't raise enough money to support themselves. The purpose of Tuesday night's city council meeting was to look at approving an economic development incentive for the site.