How was the Gaylord able to build only using private financing?
The Gaylord Texan was subsidized by the City of Grapevine in an amount of approximately $57.9 million. A Tax Increment Finance Zone was created and the City issued $27.5 million in TIF bonds to pay for various infrastructure improvements. At time of construction Gaylord received $1.7 million in fee waivers. The Gaylord also receives a 2% Hotel Occupancy Tax rebate which until last years was split, with 50% going to the City of Grapevine for marketing efforts, and 50% going to Gaylord. That rebate was recently renegotiated and now the entire 2% rebate goes directly to Gaylord. The total value of the rebate paid to Gaylord over the life of the rebate is and estimated $30.4 million. The expansion also received fee waivers and the HOT rebate will apply to the room expansion as well.
