Title
Consider approval of two Resolutions approving two Tax Abatement Agreements between the City of Coppell and Northpoint Hotel Group, LLC, and authorizing the Mayor to sign.
Summary
City Council held a Public Hearing regarding the designation of Reinvestment Zone No. 102 on November 13, 2018. Northpoint Hotel Group is constructing two hotels in Reinvestment Zone No. 102. The Abatement Agreements are for Holiday Inn Express located at 1125 Northpoint Drive and Aloft Hotel located at 1155 Northpoint Drive. Holiday Inn Express contains 125 rooms and 1,200 square feet of meeting space in a 69,600 square foot building. The Aloft Hotel will contain 140 guest rooms and 4,000 square feet of meeting space in a 77,800 square foot building. Each Tax Abatement Agreement is for a period of 7 years. The real property and business personal property for each building will receive a 75% abatement for years 1 - 5 and a 50% abatement for years 6 and 7.
Fiscal Impact:
[Enter Fiscal Impact Statement Here]
Staff Recommendation:
Community Development recommends approval.
Goal Icon:
Business Prosperity