Item 22.4 on the Tuesday, October 30, 2018 city council agenda provides incentives for a company to build a convention center and convention center hotel in west El Paso.
This is the water park that has been the subject of recent speculation.
The estimated investment by the company is $150 million. They are telling us that about 600 jobs will be created.
In return the company will receive:
100% city property tax rebate for 15 years. The city’s rate is .843332 per hundred dollars of valuation. That comes to $1.26 million per year in tax relief at the current rate.
100% city sales tax rebate for 15 years
50% hotel motel tax rebate for 15 years. The tax is 17.5% of the room rate of which the city normally gets 11.5%. That means the operation will collect the 17.5% and then get 5.75% returned to them by the city.
TIRZ 10 will fund $526,100 in infrastructure and safety improvements.
The park will be at 6850 Paseo Del Norte, across the street from the new Walmart.
We deserve better