According to Community Impact Newspaper, the City of Leander has been working with a hotel developer and has reached an agreement that plans to bring a Holiday Inn Express to the City soon. The 90 plus room facility will be north of the HEB center off of Highway 183.
Economic Development Director, Mark Willis indicated that, “Leander will use the Hotel Bed Tax generated by the hotel to rebate 50% of the incremental City property tax generated by the hotel for five years and 25% for the following three years to the hotel’s owners.”
It is estimated that the hotel will conservatively generate approximately $150,000 annually and the 50% rebate will be approximately $35,000, meaning the City will see a total tax gain of $150,000 to $170,000 annually during the incentive period and over $200,000 annually thereafter.
Willis was happy that the developer and the city reached the agreement to bring the much needed hotel to fruition. He further commented that, “The developer also has additional pad space that may be used for a restaurant(s) or an events center as the project proceeds and the potential uses are further explored.”