As expected, the Parsons City Commission approved a 10-year property tax exemption for a hotel and conference center project.
The commissioners approved the resolution approving the exemption for the future Holiday Inn Express and conference center now being built near 16th Street and Cattle Drive. That action came after a public hearing for the industrial revenue bonds of up to $8.5 million that will be issued to Parsons Hospitality Holdings LLC, which is developing and will own and operate the hotel and conference center. The city commission originally had planned to incentivize the conference center project by allowing Parsons Hospitality Holdings to retain the hotel and sales tax generated at the hotel and conference center for several years. Later, the city and Robert Patel, owner of Parsons Hospitality Holdings, agreed the city could keep all of the hotel and sales tax in exchange for the issuance of bonds, which provide for the 10-year property tax exemption.
(Read more: Parsons Sun)