TEMPLE, Texas — The Temple City Council approved the first reading of a measure that would provide an additional $2 million in incentives to the proposing to restore the Hawn Hotel, Arcadia Theater and old Sears Building on August 6. The Waco based Turner Behringer Group plans to redevelop these buildings into retail, residential and entertainment use, according to the Discover Downtown Temple Facebook page.
The new incentives will be made in the form of property tax abatements. They will only be offered if the project is completed and opened as provided in a performance-based development agreement.
That development agreement also calls for Turner Behringer Group to invest $12 million in the redevelopment project. The Discover Downtown Temple Facebook post said that it is important to note that these tax abatements will be extended to these properties that have been vacant and have not been generating any property taxes for decades. The City Council will consider final action on this measure on August 20, according to the Discover Downtown Temple Facebook page.
If approved, this redevelopment project is expected to begin this year and be completed and opened by the end of 2021.
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