The first big step in bringing a hotel and conference center to Northgate has been taken. Late Thursday night, the College Station city council approved the financial arrangement necessary to get the multi-million dollar project rolling.
It happened when the council voted in favor of creating a Tax Increment Finance (TIF) zone in the heart of Northgate. The driving force behind the TIF is the city's third attempt at securing a major conference center and hotel.
Here's how the TIF will work. As new development raises the area's property values, the new tax dollars generated by the project will be funneled back into the TIF to repay the city's $25 million investment.
This particular TIF has a lifespan of 30 years and encompasses 120 acres.
But key to the deal is Brazos County's cooperation. Commissioners will be presented with the offer at their June 6 meeting. If the county refuses, the deal would most likely collapse.