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Midland’s Hotel Santa Rita to receive tax rebates, private funding

MIDLAND – The city council has approved the city’s and the Midland Development Corporation’s (MDC) involvement in the development of the Hotel Santa Rita. The hotel will be backed by $125 million in private funds from Midland Downtown Renaissance LP.

The Hotel Santa Rita is proposed to be full-service; have at least 135 rooms and 8,000 sf of meeting space; and have retail, restaurants, and an 800-space parking garage.

Midland’s public investment, including the MDC contribution, property tax rebates, and sales tax rebates, constitutes approximately 35.6 percent of the estimated project cost.

The hotel is up for $45 million in performance-based tax rebates but necessitates the Midland Downtown Renaissance to provide proof of financing by Dec. 31, 2027, for the construction of the Hotel Santa Rita and associated parking facility.

City authorities project a tax advantage of $25.3 million during the ten-year incentive span and an estimated $67 million in tax benefits over a 20-year period for all taxing entities.​