Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
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. Staff recommended approval of a Chapter 312 (3.12) tax abatement at 50% for a term of up to 10 years and a companion agreement under the city's 380 authority that was modified to align with the abatement and to allow other taxing entities to consider participation.
"We are recommending approval of the chapter 3 12 abatement for the Tyler partners, Tyler Hotel partners," Nick said, and explained that the package coordinates the city's 3.12 abatement with previously approved incentives and the city's reinvestment zone. The council voted to approve both M6 (the 3.12 abatement) and M7 (the modified 380 agreement) as presented, and staff noted the item would go next to other taxing jurisdictions for their consideration.
Council members asked procedural questions about timing and how the package integrates reporting and statutory compliance; staff said the agreement includes standard audit and compliance language. The council did not add conditions during the public session and approved the motions as recommended by staff.
