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Developers moving forward with short-term rentals after Waco City Council rejects TIF incentive

Posted at 11:05 PM, Feb 04, 2020
and last updated 2020-02-05 00:05:50-05

WACO, TX — Developers are moving forward with a plan to bring in new, short-term rental units. This comes after the Waco City Council voted to reject nearly $500,000 incentive from the TIF funding to support the vacation rentals plan.

Some council members argued that for most hotels, the incentive is not needed.

"The TIF Board is doing their work, which is looking at money that can be used for the downtown core, the designated boundary of the TIF zone specifically. The council, we are mandated of taking a broader view. Just when we look at this particular industry, I think they are fine on their own at the moment," said John Kinnaird, a Waco City Council Member.

The plan is to develop along Webster Avenue downtown. The project, Heritage at Webster, will include 12 short-term rental units.