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|Home: BigScreen Journal - Pflugerville, TX: Cinemark to Open Theater in Stone Hill Town Center by Summer 2011 After Receiving Incentives from City|
According to an article in the Community Impact Newspaper, Cinemark has received incentives from the city of Pflugerville, Texas to open a movie theater in the Stone Hill Town Center by Summer 2011:
Mayor Jeff Coleman said Cinemark originally planned to open by 2012 at the earliest, but under the incentive agreement, the theater is required to open by May 31, 2011.
City Attorney Floyd Akers said the company will receive a rebate equal to the amount of property taxes collected on the site for the first five years—up to $100,000—and another equal to the amount of sales tax collected by the theater for the first five years, up to $200,000. The theater is estimated to provide $18,000 in property tax revenue and an anticipated $40,000 in sales tax annually.
“Over five years, they can get $300,000 total,” Akers said.
The city also plans to waive the cost of the theater’s building permit. Akers said Cinemark has already filed plans with the city and is beginning to move forward on the project.
“The reason we were willing to offer incentives was we were not going to be receiving any revenue if they weren’t here anyway,” Coleman said. “So we made the decision that it was better to not receive revenue for that short time period and have them here than to not receive the revenue and not have them here.”
Click the Read link below to view the entire article.
Cinemark already has a movie theater nearby, the Cinemark Tinseltown USA Pflugerville, about 6 miles West, near I-35.
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