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Plano 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. At their Oct. 27 meeting, Plano City Council members approved a pair of items tied to the new Miyako Hybrid Hotel.
Some context: Construction 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’s third in the United States, is projected to open in fall 2027.
What you need to know: The first agreement, an economic development incentive agreement, establishes an annual tax rebate for the hotel. Council members also approved a hotel occupancy tax grant agreement, which provides the hotel with funding specifically aimed at attracting visitors and convention delegates. Under the grant agreement, Plano will pay Kintetsu $70,000 for five years, starting Dec. 31, 2028.
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