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Council approves TLT hotel incentive agreement with $10 million cap and front‑loaded revenue split
Summary
The council approved a draft incentive agreement using Transient Lodging Tax (TLT) revenues to support a proposed hotel: 70% of TLT in years 1–5, 50% years 6–12, 25% years 13–15, with a $10 million cap and authorization for the city administrator to finalize and sign the contract.
Councilors approved terms of a draft agreement that would dedicate a portion of the city’s Transient Lodging Tax (TLT) to an operator to support a proposed hotel development, with council delegating authority to finalize and sign the contract.
John Lavier of SAB, a Portland-based consultant, summarized negotiations and said the…
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