Incentive package for WestStar Tower approved
EL PASO, Texas (CBS4) —
El Paso County is considering giving tax incentives for the construction of a major high-rise office building in downtown El Paso.
The WestStar Tower will be a 14 story high-rise with a pretty big price tag. Hunt Companies is estimating the building will cost $70 million.
As we reported, the City of El Paso issued a $15 million tax incentive package to ease the burden of building the tower.
Josh Hunt is the executive vice president of the Hunt Companies.
He says the plan for the tower is to cast a wide net to bring different companies to El Paso. Hunt says the tower - which will be built at a Mesa parking lot - could attract tech firms, law firms and financial groups, to name a few.
But he also says this new Class-A office building won't just be good for the local governments. It'll also be good for the taxpayers.
The new high-rise gives groups another option to generate revenue from property taxes.
"The school district, the hospital district, the community college district and the downtown management district are going to receive over $17 million in new property taxes through this incentive over the incentive period,” Hunt said. “So we think that a significant investment that we are making that at the end of the day benefits the taxpayers."
Hunt and his team were asking the county for a tax incentive package similar to the one they received from the city.
El Paso County commissioners agreed to give the company 75 percent of the incentives it asked for. Hunt Companies will receive about $2.7 million over a 15-year period.