The City Council approved the WaterWalk Hotel CID on August 10, 2010 to facilitate the construction of a Fairfield Inn and Suites Hotel within the WaterWalk District. The 2% additional sales tax will be used to reimburse a portion of the developer's costs of constructing the hotel. CID sales tax will be collected for up to 22 years or until a maximum amount of $9,600,000 is collected. The hotel opened in July of 2011.
Location: Northwest corner of Main and Dewey, in WaterWalk
Use: Construction of new Fairfield Inn and Suites
Term: 22 years
Active date of tax: July, 2011
Expiration: July, 2033
Maximum Reimbursement: $9,600,000