In July 2012, the Bryan city council approved an economic development agreement where the city would return a portion of sales tax money to the corporation that was responsible for bringing a Walmart to the city’s west side.
During Tuesday’s meeting (January 9), the council without discussion agreed to amend the agreement that gives the developer a one time payment of $2.5 million dollars.
The original agreement called for the developer to get up to $5 million dollars over a 15 year period. The revenue split was structured as 75 percent of sales tax money going to the developer during the initial three years and 50 percent for the developer for the remaining term of the agreement.
But state law prohibited the city from disclosing how much sales tax was generated by the store. And the developer was not able to get that information.