The Metro Development and Housing Agency's board approved $15 million in tax-increment financing for The Westin Nashville hotel planned across from Music City Center.
Developer Nashville Hospitality Capital can use the money approved under a development agreement with MDHA for specific purposes, such as site improvement and infrastructure and land acquisition. This summer, the group led by real estate investor Kevin M. Fee plans to start work on the $110 million, 25-story, 430-room hotel on a 1.7-acre site that includes the former Cokesbury bookstore and the two parcels behind it.
In a TIF financing deal, property tax revenue that is generated by a development is to pay off a loan made to the developer. This amount is larger than the $3.2 million in TIF financing that was approved for a proposed Hyatt Regency hotel on Lower Broadway last August. That deal ultimately fell through.