Title
Consider a resolution approving a Chapter 380 Economic Development Program for Stonemill Hospitality LLC for the development of an Embassy Suites Hotel and Convention Center.
Body
This item approves an economic development program between the City of Round Rock and Stonemill Hospitality LLC. Stonemill Hospitality LLC intends to construct an Embassy Suites Hotel and Convention Center on approximately 6.41acres near the Premium Outlets and Bass Pro Shops. This development will have a minimum of 160 suites, a minimum of 14,000 square feet of convention/meeting space and employ a minimum of sixty (60) people. Stonemill will invest a minimum of $20,000,000 in this development. The incentive for this project will be a performance based economic development payments equal to 57% of the hotel/motel city taxes collected by the development. The maximum amount economic development incentive payment for this project is $4,000,000.
We believe this project is needed to boost sales tax for the City by bringing in more visitors to our destination retail corridor. Staff is in full support of this project.