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Council approves two boutique-hotel TOT incentive covenants for Terra and Cacti
Summary
Palm Springs council approved hotel operations covenants for the Terra Palm Springs and the Cacti Palm Springs, allowing a 50% TOT-increment rebate for up to 10 years (capped at each project's renovation investment) in exchange for commitments to operate as first-class hotels and provide limited city-use room nights.
At public hearings the council approved operations covenants for two small boutique hotels that completed qualifying renovations and applied under the city's hotel incentive program.
Wayne Olson summarized both proposals: the Terra Palm Springs (888 North Indian Canyon LLC) completed renovations totaling about $1,049,150 and the covenant would…
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