Waco City Council approves $5.5 million in tax rebates for AC Hotel | Local
The public parking is a requirement of the TIF agreement.
Under the Chapter 380 agreement, the hotel must create at least 85% of the promised jobs or the contract could be canceled. The developers also must hold a job fair to reach out to city core residents for positions. Thirty percent of the new employees must be residents of the city core, an area bounded by Business 77, La Salle Avenue, 26th Street, and Herring/Lyle Avenue.
The city core includes the Alta Vista, Austin Avenue, Baylor, Brook Oaks, Brookview, Carver, Dean Highland, Downtown, North Waco, North East Riverside, Oakwood, Sanger Heights and University neighborhood associations.
“If the developer were to not hit those targets, the percentage of hotel occupancy would decrease based on language provided in the contract,” Ford said.
After the meeting, George said the city has entered two similar deals over the past three years.
In 2018, the city awarded KB Hotels a $3.2 million TIF contract and a $4.8 million hotel occupancy incentive over seven years for three hotels in East Waco. The following year, Embassy Suites was awarded $7.3 million in TIF funding and up to $4.5 million in occupancy taxes over 10 years.