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The council unanimously approved a $620,000 incentive package for XForge’s proposed multi-use development on CC Woodson Road, including a $200,000 completion payment, seven annual $60,000 payments, 3.27 acres of development-related land, and a 25% Hotel Occupancy Tax rebate estimated at $421,415 over seven years. The proposed project is estimated to exceed $20 million and include a hotel and 15,000 square feet of retail space.
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The approved incentives are intended to help XForge develop a site that is in a floodplain and requires additional site work. If completed, the project would add a hotel and retail space on CC Woodson Road. The council also approved the first reading of an electric power franchise for Oncor to use city streets and other public rights-of-way; the ordinance will return for final consideration after publication and a 20-day period.
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