West Texas TIRZ incentives for Hotel. Who. What. How much.

What hotel, where? hotel developer Supreme Bright Amarillo II (Amarillo, TX)

Which TIRZ is involved? The Center City Tax Reinvestment Zone No. 1 (Amarillo, TX)

What actions did the TIRZ take? 

1. It unanimously agreed that Supreme Bright will “put its leases with Amarillo Local Government Corp. for the hotel to be owned by the city and for 150 spaces in the parking garage up for collateral.”
2. TIRZ granted tax rebates will be given to Supreme Bright “will actually go to lead lender Southwest Bank”

What tax incentives were awarded to the hotel?

• 90 percent property tax rebate for 20 years
• The TIRZ will contribute $2.7 million toward streetscaping around the hotel
•  It will receive a rebate of some sales taxes
• It will receive a rebate of hotel occupancy tax it generates

Amarillo Globe News | A done deal? City issues building permit for downtown hotel