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Round Rock approves economic package to support Ruby Hotel event center
Summary
The Round Rock City Council approved a Chapter 380 economic development program and related agreement to support construction of a new event center adjacent to the Ruby Hotel, including a city loan, a land purchase for a bridge landing and tax-based incentives through 2029.
The Round Rock City Council on Tuesday approved a Chapter 380 economic development program and accompanying agreement to support construction of a new event center adjacent to the Ruby (Lake Creek) Hotel, RRTX Lake Creek Hotel LP.
Staff said the deal includes a city loan, a land purchase for a bridge landing over Brushy Creek and multi-year tax incentives intended to help finance the project.
City staff described the agreement as a package that will allow the hotel to build a new event center at 408 Fannin and create a bridge landing on a parcel the city will acquire. Under the terms presented, the hotel (the Ruby) will sell the small parcel for the bridge landing to the city for $750,000. The city will make a loan of $2,650,000 for project improvements — primarily the new event center — and the loan must be repaid in full within four years. If the loan is repaid on time, interest will be forgiven, staff said. The total project cost was described as “well north of $5,000,000.”
The Chapter 380 program attached to the agreement provides a 75% economic incentive payment backed by a portion of hotel occupancy taxes (a 7% occupancy tax was referenced) and property taxes; the incentive period was described as running through 2029, when the agreement sunsets. The city also retains rights to use the event center five days per year for the duration of the loan, staff said.
Brad (staff member) presented conceptual site plans and renderings, saying the new event center would be architecturally compatible with the existing hotel and would anchor a bridge connection across Brushy Creek to downtown amenities, including Veterans Park and the heritage-trail improvements. Bree Carico, representing the Ruby Hotel, was present when staff took questions from council.
Council members voted unanimously to adopt the resolution authorizing the Chapter 380 economic development program and a companion resolution authorizing the mayor to execute the economic development program agreement. Mayor Morgan joined the unanimous vote recorded on the motion.
The council's approval directs staff to finalize and execute the documents described in the presentation; staff recommended approval. No amendments or conditions were recorded in the meeting minutes.
The approval follows conceptual planning in the downtown master plan and is intended to support trail and downtown-park connections in the area, according to staff remarks during the presentation.
