Title
Consider approval of a Resolution approving a Tax Abatement Agreement between the City of Coppell and Acer Lodging, LLC, and authorizing the Mayor to sign.
Summary
City Council held a Public Hearing regarding the designation of Reinvestment Zone No. 98 on November 10, 2015. Acer Lodging, LLC is constructing a Fairfield Inn & Suites at the NEC of Northpoint Drive and State Highway 121. This hotel is approximately 56,000 square feet and will have a minimum of 95 lodging rooms and no less than 1,000 square feet of meeting space. The tax abatement terms for this facility will be a 5 year, 50% abatement, and it will be applied to the real and business personal property for Acer Lodging, LLC.
Fiscal Impact:
[Enter Fiscal Impact Statement Here]
Staff Recommendation:
Economic Development recommends approval.
Goal Icon:
Business Prosperity