\t\t\t\t\t\t\tPlano officials are backing the construction of a new Japanese luxury hotel in northwest Plano by providing annual tax rebates and funding to support marketing and tourism efforts.<\/p>\n
At their Oct. 27 meeting<\/a>, Plano City Council members approved a pair of items tied to the new Miyako Hybrid Hotel<\/a>.<\/p>\n Some context<\/p>\n Construction<\/a> on the upcoming 215,000-square-foot Japanese luxury hotel near the former JCPenney headquarters began Oct. 15. The hotel, which will be Kintetsu Group Holding\u2019s<\/a> third in the United States, is projected to open in fall 2027.<\/p>\n The 12-story luxury hotel<\/a> is expected to feature 217 rooms, a Texas-style rooftop bar and a traditional Japanese restaurant, according to a company news release.<\/p>\n What you need to know<\/p>\n The first agreement, an economic development incentive agreement<\/a>, establishes an annual tax rebate for the hotel. Beginning Jan. 1, 2028, the city will refund 50% of the property taxes the hotel pays on its building for 10 years, according to city documents<\/a>.<\/p>\n Council members also approved a hotel occupancy tax grant agreement, which provides the hotel with funding specifically aimed at attracting visitors and convention delegates.<\/p>\n Under the grant agreement<\/a>, Plano will pay Kintetsu $70,000 for five years, starting Dec. 31, 2028.<\/p>\n The funds, drawn from Plano\u2019s hotel occupancy tax<\/a> revenues, are designated for advertising, marketing and tourism efforts for the hotel.<\/p>\n Quote of note<\/p>\n