The Town of Flower Mound is a step closer to getting its first hotel.
The town’s Tax Increment Reinvestment Zone (TIRZ) board Tuesday unanimously approved a 7-year, 75-percent tax abatement estimated at $237,792 with Rainier Medical Investments for a hotel project and the use of up to $1 million in TIRZ #1 funds for a parking garage.
Rainier plans to bring a five story, 140 room, 90,000-square-foot, full-service hotel to The River Walk at Central Park development north of FM 1171 between FM 2499 and Morriss Road.
The hotel includes 8,000-square-feet of meeting space and a full-service restaurant that overlooks the river walk.
Officials from Rainier did not divulge the brand name of the hotel at the meeting.
Town Manager Jimmy Statathos said that use of the parking garage would be free to the public and the addition of a hotel will be a boon to the area.
“This project will be a huge financial windfall to the town,” said Statathos.
The nearly four-year-old Texas Health Presbyterian Hospital, also located in The River Walk, received a 10-year, 75-percent tax abatement from the town.
The tax abatement agreement and funding for the parking garage will go to the Town Council for approval on Feb. 3.