| Item Title: | Economic Development Chapter 381 Agreement Project The Plaza |
| Submitted By: | Economic Development Department (915) 546-2177 |
| Subject: | Discuss and take appropriate action regarding a Chapter 381 Agreement with Project The Plaza. |
| Background: | Project The Plaza is proposing to reuse property in El Paso’s Downtown for a Historic Renovation of a 131 room, 4.0 star boutique hotel featuring 6,500 sq. ft. of restaurant and bar space, and 7,600 sq. ft. of banquet space. The project includes a 540 car parking garage adjacent to the hotel. Project The Plaza headquarters is located in El Paso, TX |
| Fiscal Impact: |
Mills Plaza Properties II LP qualifies for:
Property Tax Rebate = $899,700.05
HOT Rebate = $442,053.08
Total Tax Rebates - $1,341,753.13 |
| Recommendation: | Discuss and take appropriate action regarding a Chapter 381 Agreement with Project The Plaza. |
| Prior Action: | September 11, 2017 - Executive Session
September 25, 2107 - Executive Session
October 2, 2017 - Executive Session
October 16, 2017 - Executive Session
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| Strategic Plan: | .. |
| Strategic Plan Information: | |