The gist
The Ruby Hotel sits off Fannin Avenue. Round Rock acquired a property east of the hotel at the beginning of the year, which the hotel owners seek to purchase in order to build an event center.
City officials said the event center will help improve both the hotel's success and and the amenities of Round Rock's downtown during a discussion at the agenda packet briefing March 11.
The economic development agreement allows the hotel owners to purchase the land property from the city and receive a $2.65 million loan for the 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.
What else?
Council will also consider an Chapter 380 Economic Development Program agreement at the meeting. This would give the hotel 75% economic incentive payments based on the hotel occupancy tax and property tax payments for both the hotel and special events site, through 2029.
