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Lee County EDC and Icon Cinemas present $16.5 million entertainment venue proposal; city staff to return with ordinance
Summary
The Economic Development Corporation of Lee County presented an incentive request from Icon Cinemas for a proposed $16.5 million family entertainment center south of the CORE. The EDC recommended a gross-receipts-tax rebate of $767,000; commissioners discussed timing, expected jobs and next steps but took no formal vote.
The Economic Development Corporation of Lee County recommended city support Tuesday for a proposed Icon Cinemas entertainment venue estimated to cost about $16,500,000 and generate roughly $6,000,000 in annual sales, EDC president Jennifer Grama said.
EDC President Jennifer Grama said the project would include nine luxury recliner screens, an arcade, laser tag arena and duckpin bowling and is intended to keep retail and entertainment spending in Hobbs rather than sending patrons out of town or out of state. “The EDC is recommending a veil support in the amount of $767,000,” Grama said, referring to a reimbursable incentive tied to city gross receipts tax revenue generated by the venue.
The nut graf: The proposal is advisory; the city…
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