BRYAN- The Bryan City Council approved making changes to a project and plan for millions of dollars in incentives to build a hotel and town center. The council voted 5-2 for the changes. This means 2.4 million can be rebated to a hotel developer for assistance in the construction portion of a conference center and 3.6 million can be rebated for the construction of public and private infrastructure for the Atlas Town Center.
The Tax Increment Reinvestment Zone known as TIRZ 10, is a financial tool used to promote economic development. Some people don't think the incentives are needed in the Bryan-College Station area that is seeing record growth in the hotel industry with roughly 12 hotels being built in Brazos County over the next few years. The TIRZ 10 is a little more than one percent of a $500 million dollar project and is only paid as a rebate to the developer if the performance is there.
Council members who voted for the changes say it's a solid deal and a big win for Bryan.