Midland City Officials Approve Tax Refund Agreement For The Ener - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Midland City Officials Approve Tax Refund Agreement For The Energy Tower

Staff Report
NewsWest 9

MIDLAND - City officials in Midland have approved a tax refund agreement for the Energy Tower.

According to a breakdown of the agreement sent by the city, the tower would get back 80 percent of funds from sales, hotels, motels and property taxes.

That would leave the city and county with just over $1 million.

The agreement will continue for the next 18 years or until the refund hits $50 million.

Officials hope this plan will help the tower have a more positive effect on the city's tax base and keep pressure on the developer to get the job done well.

The Midland Development Corporation will also hand over $10 million dollars from hotel and motel tax revenue towards the tower.

Officials also gave the green light to have the tower contracted out to build a new Midland Center, which will cost about $15 million.

No architectural plans have been made for the Energy Tower yet.

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