Kress Cashing In

Um, why are we subsidizing a billionaire’s project? 🤔

“The city would provide up to $2.05 million in property-tax, sales-tax and use-tax rebates over 20 years under the term sheet approved by the City Council after it discussed the incentives in an executive session at its Monday work session.”

https://www.elpasotimes.com/story/news/local/el-paso/2022/03/15/paul-foster-historic-kress-building-downtown-el-paso-set-multimillion-dollar-renovation/7051922001/

Looking at the tax incentives for the city… It can’t be Chapter 380 tax incentive. I mean a hotel, restaurant and spa…is it really “expanding and diversifying the tax base, and creating new quality jobs within the City of El Paso?”

It’s not the transit oriented incentive since it’s used to “strengthens the urban fabric that surrounds public transportation with a mix of daily uses, including housing, retail and office.” How much retail would a hotel/spa provide?

I guess the Infill Development Incentive could work, but does a multimillionaire developer have “physical and monetary challenges to developing such parcels?”

It’s definitely not Foreign Trade Zone # 68 so just wondering what this falls under?

From the looks of it, it’s basically giving more than he initially paid for the building, therefore if it doesn’t do well, his risk is minimized at tax payer cost. 🤔

We don’t have unlimited funds and is this the best use of funds for our city? I mean a hotel spa with shopping and dining will this bring high quality jobs, or help urban transit to the community?

https://www.elpasotexas.gov/economic-development/business-services/incentives/

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