No shovels, but the earth moves in AmarilloNo shovels, but the earth moves in Amarillohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=57912013-11-20T10:10:00Z2013-11-07T00:00:00Z

AMARILLO - NewcrestImage will build a nearly $70 million hotel on land owned by the city across Buchanan St. from City Hall.

“We haven’t seen the shovels, but the earth has moved today,” said Dan Quandt, executive director of the Amarillo Convention and Visitor Council. “We have some hotels that can hold some meetings, but we haven’t had a convention hotel. You are going into a new era for hosting events.”

The hotel occupancy tax rate in Amarillo is 15 percent, which includes 6 percent charged by the state, 7 percent charged by the City of Amarillo and 2 percent charged by the Amarillo-Potter Event Venue District.

Incentives offered by the city include:

•  a 90 percent rebate of property taxes the hotel would pay into the Center City Tax Increment Reinvestment Zone for 20 years;
•  a rebate of the state’s portion of the hotel-occupancy and sales taxes that the hotel pays for ten years;
•  a $2.7 million TIRZ grant to help pay for streetscape improvements for the hotel, garage and stadium;
•  a rebate of the city’s portion of hotel-occupancy taxes the hotel pays; and
•  the city’s work to install utilities.

NewcrestImage previously spent $16 million to renovate the historic Fisk Building on Polk St. into the 107-room Courtyard by Marriott at the Historic Fisk that it now manages. In the first eight months of 2013, the Fisk Courtyard reported collecting $2.25 million in total receipts to the Texas Comptroller of Public Accounts.

Irving-based NewcrestImage currently manages 15 properties and has seven hotel properties totaling nearly 730 rooms under construction in Katy, Longview, Midland, Texarkana, Tyler and Longview, with planned openings in 2014 and 2015.

Read more at the Amarillo Globe-News.

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