The Bryan city council, with no public discussion, approves giving more than $16 million dollars to developers who want to construct a hotel and two other buildings on the north side of the downtown area.
City staff says the project is estimated over the next 25 years to create 418 jobs, generate sales tax revenue of more than $510,000 dollars a year, and more than $635,000 dollars of hotel occupancy tax money a year.
The developer is paying more than $2 million dollars for the city owned land.
The council agreed to give the developer up to $14 million in property tax money and up to $2.25 million in hotel occupancy tax money. The city would also waive up to $300,000 in permit fees.
The 15 year economic development agreement includes three construction projects over a seven year period.
The first phase, to start by the end of 2025, is the construction of a five story hotel with at least 130 rooms, a parking garage to hold at least 350 vehicles, and a conference center.
The second phase, to start by January 2028, is a six story building where the first floor would have retail and restaurant space and the rest a combination of commercial and residential space. The second building would also have underground parking for 400 vehicles.
The third phase, to start by January 2030, is another six story commercial and residential building, but without additional parking.
The project would close portions of Bryan Avenue, Pruitt Street, and 21st Street.
The agreement requires the developer to repay incentives if certain benchmarks are not met.
Click HERE to read and download background information about the economic development agreement.
Click HERE to read and download the response to the request for proposals by the winning developer.