AMARILLO, Texas (KFDA) - The changes to the Tax Increment Reinvestment Plan have been approved following today’s Amarillo City Council meeting.
There are already many plans for future development around the City of Amarillo through this Tax Increment Plan,
However, the Amarillo now included a development project for a new Toot 'n Totum Travel Center on the Northwest corner of I-40 and Lakeside.
The 26,000 square-foot building will consist of two restaurants and will see a lot of truck and auto traffic.
Not only is the travel center construction underway, but the City also has the development of hotels, entertainment facilities, and plans for a new facility for the Big Texan.
“We’ve got hotels currently underway, the travel center will be our auto and truck service facility, and future projects have been discussions with The Big Texan as far as their facility, as well as an entertainment venue which will be a recreational facility on the west side of the zone," said Andrew Freeman, director of planning and development services.
Property tax rates will remain the same for taxpayers, and the revenue collected from tax collections will go towards the reinvestment tax fund.
“Residents will pay the same tax rate they normally pay. It’s just dedicated to this zone above base value," said Freeman.
The Toot 'n Totum Travel Center is about an 18-month process, and it will begin immediately following today’s City Council approval.