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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 10/27/2025 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Doug McDonald, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for Tax Rebate for Kintetsu Enterprises Company of America dba Miyako Hotel | | RECOMMENDED ACTION: | Approval of Contract / Agreement |
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| | | | | | | | ITEM SUMMARY To approve the terms and conditions of an Economic Development Incentive Agreement for Tax Rebate for calendar years 2028-2037 by and between the City of Plano, Texas, and Kintetsu Enterprises Company of America dba Miyako Hotel, a California corporation; and authorizing its execution by the City Manager or his authorized designee. Approved |
| | | | | | | | BACKGROUND A request from Kintetsu Enterprises Company of America to build a Miyako Hotel in the City, thereby generating additional local sales tax and hotel occupancy tax revenues and increasing ad valorem tax values to the City. Kintetsu Enterprises Company of America agrees to construct and occupy a 215,000 square-foot, 10-story Miyako Hotel at the northwest corner of Legacy Drive and Corporate Drive and add a minimum fair market value of $75,000,000 of new real property improvements on the real property and use the real property as a hotel during the term of this Agreement. Hotel amenities will include 217 guest rooms, 5,000 square-feet of meeting space, a rooftop event space, and a full-service restaurant.
Property Location |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact.
Approval of this Agreement supports the City’s Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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