The details
The Ruby Hotel sits off Fannin Avenue near Round Rock's downtown. With the city's approval of the economic development agreement, the hotel owners purchased city-owned land east of the hotel in order to build an event center. The project will cost an estimated $5 million, Assistant City Manager Brad Wiseman said at the meeting.
"Overall, this agreement will help further improve and expand an asset and amenity in the downtown area," Wiseman said.
The economic development agreement also authorizes a $2.65 million loan for project improvements, which the Ruby Hotel must pay back in full within four years. Per the agreement, the city would have five days annually to utilize the event center.
Council also authorized a Chapter 380 Economic Development Program agreement at the meeting. This allows the Ruby Hotel to receive 75% economic incentive payments based on the hotel occupancy tax and property tax payments for both the hotel and special events site, through 2029.
What else?
As part of the agreement, the hotel owners will sell back a portion of the land to the city so that it can build a bridge landing, connecting the area across the Brushy Creek to downtown.
"The bridge will cross at the thickest part of the creek in that area, which should make a really nice grand entrance into the downtown attraction in and of itself," Wiseman said.
