On March 14th the City of Katy city council approved and passed a resolution authorizing the Katy Economic Development Council to enter into an economic development agreement with Buc-ee’s LTD for trio of financial incentives that will easily top in excess of two million, three hundred thousand dollars ($2,300,000) over the next twenty (20) years.
Under the terms of the agreement the Katy Economic Development Authority will rebate payments to Buc-ee’s Ltd from sales taxes and property taxes derived from the construction of a new Buc-ee’s Travel Center & pay a reimbursement to defray road engineering costs.
The first incentive –an “Authority Sales Tax Payment”—will be paid to Buc-ee’s Ltd from sales taxes actually collected from the property for a period of twenty (20) years. The second incentive is derived through the growth of actual ad valorem taxes collected from the property. (As a homeowner in Katy or elsewhere in Fort Bend County you’re getting a rebate on the amount your property taxes have grown too, right?). Buc-cee’s will receive this property tax increment payment each year until aggregate payments total $2,000,000.
Lastly, and to add further insult to Katy and other Fort Bend County homeowners, the Katy Economic Development Authority will reimburse the developer of the Buc-ee’s Ltd Travel Center for up to $300,000 in engineering costs associated with an 1-10 off ramp and road frontage project with TxDot.
Read it all here.Buc-ee’s Economic Development Agreement