The details
A proposed historic renovation, dubbed Project WelcomeMatt, would allow 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 will consider a 100% HOT reimbursement for 10 years, not to exceed $50,074.
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 would also further Hutto's goal of rehabilitating historic properties, the resolution states.
