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City planner updates commissioners on Herring Hotel redevelopment and tax rebate package
Summary
The city planning department reported a developer agreement for the Herring Hotel rehabilitation: at least $90 million in private investment, a Kimpton (IHG) brand contract, a 10-year property-tax rebate estimated at a $3.1 million package value, and a $900,000 infrastructure grant tied to performance.
Drew Brasfield, assistant director of planning for the City of Amarillo, returned to the commissioners to update them on the Herring Hotel developer agreement being considered by city TIRZ officials. Brasfield said the plan requires a comprehensive renovation of roughly 217,000 square feet and a minimum private investment of $90,000,000, to be managed by a nationally recognized upper-upscale boutique operator; he reported the developer has contracted with IHG for a Kimpton-brand hotel.
Brasfield said the city’s approved package includes a 100% property-tax rebate for 10 years for the TIRZ portion (estimated package value ~ $3,100,000), a one-time payable infrastructure/facade grant up to $900,000 upon receipt and completion of work, and an added reimbursement of $244,000 to clear federal interest on city-owned property needed for the project. He said limits and deadlines in the agreement make the support performance-based and that the project helps avoid demolition costs of the existing property. The tiers (TIRZ) board voted 7–1 in favor at its recent meeting.
Brasfield framed the city’s approach as risk-mitigating: by enabling redevelopment now, the public-private agreement aims to preserve a significant tax base that could otherwise be lost to demolition and vacancy. Commissioners asked clarifying questions about revenue timing and performance requirements; Brasfield said no county action was required that day but invited commentary for the city council process.
The update positions the Herring Hotel project as a performance-based redevelopment that links public incentives to completion and occupancy milestones; county staff will continue coordination with city economic-development staff as the project proceeds.
