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Texas A&M System Chancellor Announces Not Seeking Tax Exemptions

News release from the Texas A&M System:

COLLEGE STATION, Texas — Texas A&M System Chancellor John Sharp, acting at the request of Brazos County Judge Duane Peters, has agreed not to seek an exemption to the hotel occupancy tax at the new Conference Center Hotel across from Kyle Field.

“Judge Peters believes, and we agree with him, the hotel will attract so many out-of-town visitors that it should provide a new revenue stream to the community,” said Chancellor Sharp.

The Conference Center Hotel is one of several public-private partnerships coming online, including the retail-hotel-apartment complex Century Square that will add up to $300 million of taxable property to the tax rolls when completed. The land where Century Square is being built was tax-exempt because it was home to married student housing.

“For the first time in history, Texas A&M is putting property on the tax rolls instead of taking it off,” said Judge Peters. “Under the law there are ways Texas A&M could have kept Century Square off the tax rolls but chose not to. Never before has the A&M System been so community-minded.”

Two new hotels at Century Square also will collect hotel occupancy tax.

In addition to Century Square, the Texas A&M System recently opened Park West student housing and is renovating the main terminal and building a new general aviation center at Easterwood Airport, which serves the region. For Century Square and Park West, the A&M System paid to install the utilities and infrastructure, not charging the city of College Station.

Overall, five public-private projects alone are expected to add $1 billion of revenue to Texas A&M for classrooms and labs over the life of the projects. After the ground leases expire, the improvements revert to Texas A&M.

Public-private partnerships are a financing mechanism that is being used on services as varied as providing daycare for employees’ children to research labs to the planned Data Center at RELLIS campus.

“Without public-private partnerships, many of these projects would not be built,” said Judge Peters. “We wouldn’t have the job growth, including the benefit of thousands of construction workers shopping at local businesses, or these new revenue streams for local government.”

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Posted by on Aug 7 2017. Filed under Featured Stories, News.

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