The City Council approved the Broadview Hotel CID on October 2010 to facilitate the rehabilitation and restoration of the Historic Broadview Hotel, riverfront adjacent to the hotel and parking garage on Waco. The 2% additional sales tax will be used to reimburse a portion of the developer's costs of rehabilitating hotel. CID sales tax will be collected for up to 22 years or until a maximum amount of $2,680,000 is collected. The hotel reopened after the restorations were completed, in the summer of 2011.
Location: Northwest corner of Douglas and Waco and parking garage on the east side of Waco, north of Douglas
Use: Rehabilitation and restoration of the Historic Broadview Hotel, riverfront adjacent to the hotel and parking garage on Waco, across from the hotel
Term: 22 years
Active date of tax: July 2011
Expiration: July 2033
Maximum Reimbursement: $2,680,000