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Council approves updated tax-abatement policy, designates reinvestment zone for Valencia Hotel
Summary
The Tyler City Council approved a revised tax-abatement policy and designated Reinvestment Zone No. 5 for the proposed Valencia Hotel, citing projected payroll and employment minimums and a consultant cost-benefit analysis.
The Tyler City Council on Sept. 10 approved an updated tax-abatement policy and designated Reinvestment Zone No. 5 to support a proposed Valencia Hotel on Broadway and East Ferguson. City staff recommended the actions and the council voted to adopt them during the meeting.
City staff said the revised policy is less prescriptive than earlier versions and provides the city more flexibility when considering future abatements. Heather (staff member) said the update was “just us dotting our I’s, crossing our T’s” and that the policy is duplicative of a county…
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