by BRAD ROLLINS
Editor and Publisher
The San Marcos City Council swiftly tabled on Tuesday night a proposed $2.5 million development incentive for a franchisee who wants to build an Alamo Draft House in the abandoned Springtown shopping center.
Under the proposal released only hours before the meeting, the city would give $2.5 million to Triple Tap San Marcos Theater LLC to fund renovation of a former Best Buy into a 600- to 700-seat, six-screen theater. The city would count sales and property tax generated by the theater for ten years toward repayment of the loan.
Mayor Susan Narvaiz said technical issues prevented the public from accessing details of the agreement until Tuesday and that council members wanted more time for a full discussion of the proposal.
In an interview a day earlier, the mayor said she supported in principal efforts to breathe new life into the Springtown center and said an attraction like an Alamo Draft House would go a long way toward doing it.
“Sales tax generated from that location will more than take care of any incentives we give,” Narvaiz said.
According to the developer, the theater will generate $5 million to $5.9 million in sales each year. That translates into $859,791 million in sales tax revenue over the 10-year term. The city manager’s office projects the city would receive an additional $2.4 million in property tax revenue over 10 years from other properties in the center if they are developed in response to the Draft House stimulus.
San Marcos residents spoke on both side of the issue at Tuesday’s council meeting.
Theresa Knight, who owns the Sylvan Learning Center in the Springton, said, “Those of us still left are working to stay alive with the economic recession and now the other businesses closing as well.”
Said Steve Harvey, who opposes the deal, “Don’t sell San Marcos short. We’re a great town and there are lots of good reasons for people to open businesses here.”Email | Print