The details
Project WelcomeMatt, a proposed historic renovation, allows developer Legendary Endeavors to convert a property in Historic Downtown Hutto into a short-term rental, according to the resolution. The estimated cost of the renovation is around $675,000.
As an economic incentive to the developer, the city approved a 100% reimbursement of hotel occupancy tax for 10 years, not to exceed $50,074. The resolution passed unanimously in consent, meaning no there was no discussion on the item.
Some context
HOT is a tax charged on temporary stays in hotels, motels and short-term rentals. Revenue generated from HOT helps fund tourism efforts, economic development, infrastructure and local events.
Short-term rental properties bring tourism, visitor spending and economic activity to the area, in turn increasing HOT revenue for the city, according to city documents. Along with helping boost the local economy, the renovation also furthers Hutto's goal of rehabilitating historic properties, the resolution states.
