Committee advances amendment tied to confidential "Project X" to full council on Jan. 6

City staff briefed the committee on a proposed amendment to the 2024 economic development agreement with Encore LLC that staff said is needed to enable a confidential prospect referred to in the meeting as "Project X."

Staff described the existing agreement as a 100% rebate of city taxes (sales, liquor, lodging, rental, business license and non-educational ad valorem taxes) and a 100% rebate of the building permit fee, with a maximum city commitment the presenter said is $65,100,000 and a termination date of Dec. 31, 2048. The amendment staff proposed would alter the abatement timing: a 5-year option or build-up period in which the developer could initiate commencement, followed by a 30-year abatement window (for a potential maximum 35-year window if the option is exercised).

Staff also described adding additional parcels to the project area (including the Super 8 site and other parcels) and reserving roughly 20 acres for Project X for a five-year period during which it would not be subdivided, reverting to the remainder of parcels if unused. The presenter said the amendment included an updated CPI-adjusted cap figure in the event Project X does not occur; staff cited that figure in the meeting as $6,066,500,000 (described by staff as an updated figure). Staff further said that if Project X does occur, the entire project site would be treated as a 100% tax abatement with no hard financial cap.

Committee members approved a motion to move the amendment to the full council for consideration on Jan. 6; staff said the required legal notice would be published ahead of the meeting. The committee did not adopt the amendment itself; it moved the item for full council consideration.