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Council approves 10-year tax abatement and related 380 agreement for proposed $47 million Valencia hotel investment
Summary
The council approved interrelated incentive agreements for a proposed Valencia hotel development (reported investment just over $47 million) including a Chapter 312 tax abatement at 50% for up to 10 years and a modified 380 agreement to coordinate incentives with other taxing entities.
The Tyler City Council approved a package of economic incentives on Dec. 10 to support a proposed Valencia hotel development near Ferguson and North Broadway.
Assistant City Manager Heather Nick told the council the project represents "just over $47,000,000" in investment and is expected to create about "60" full-time-equivalent jobs.…
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