Economic incentives have been given by a majority of the Bryan city council to build a biocorridor development valued at a minimum $500 million dollars.
Supporters of the Atlas Town Center include Chuck Konderla.
Al Saenz, one of two council members who voted no, says Atlas will succeed without the additional incentives because of prior deals that created the affiliated Traditions development and golf course.
Mayor Jason Bienski told councilman Rafael Pena…who also voted no…that he would support similar developments in the first and second districts.
Atlas will keep more than $2 million dollars in hotel occupancy tax money it generates in its first ten years of operation and keep more than $6 million in property taxes once construction is completed.
Atlas has until June 2017 to complete infrastructure and until January 2019 to open a 177 room four-star hotel and a 10 thousand square foot conference center.
Click HERE to read background information on the Atlas property tax incentives.
Click HERE to read the contract on the Atlas property tax incentives for town center infrastructure.
Click HERE to read the background on the Atlas hotel occupancy tax agreement.
Click HERE to read the contract on the Atlas hotel occupancy tax agreement.
Click HERE to read the background information on the Atlas land agreement.
Image of Atlas Town Center master plan presented to the Bryan city council.