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Pflugerville incentive package lands Courtyard MarriottPflugerville incentive package lands Courtyard Marriotthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=40212014-06-05T07:34:00Z2014-06-05T00:00:00Z

PFLUGERVILLE - City officials approved an incentive package in May with a development team that could be worth up to $22.9 million over 30 years in an effort to secure the development of a Courtyard Marriott hotel and conference center.

The hotel will be located on the southwestern corner of the intersection of Pecan St. and SH 130 in 130 Commerce Center, a new mixed-use commercial development now under construction.

Construction on the hotel is expected to begin before 2015 and finish in spring or summer 2016.

The 142-room hotel will cost more than $20 million and have at least 20,000 sf of conference space, enough for a 1,000-person reception. The hotel will also feature a full-service restaurant, fitness center, bar and pool, according to a presentation by developers.

According to the contract, the city will rebate all of the Courtyard group’s hotel occupancy taxes for 30 years. In addition, Pflugerville will take 75 percent of the next four hotels’ occupancy taxes and pay that amount to the Courtyard group for one decade starting the year each new hotel begins operation.

The incoming Best Western Plus hotel slated to open mid-2015 in 130 Commerce Center will count as one of those four hotels.

The City of Pflugerville has also agreed to rebate all the hotel’s property taxes for 15 years. The city will also rebate half the sales tax paid by the hotel every year for 30 years up to $55,000 per fiscal year and waive all city-mandated building and utility connection fees.

Community Impact Newspaper
Austin-Round Rock
Hotel
http://impactnews.com/austin-metro/round-rock-pflugerville-hutto/pflugerville-lands-courtyard-marriott/Read more at {Source}

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