Tax Break For Disney In Anaheim For New Luxury Hotel
The Anaheim City Council voted last week to give Walt Disney Co a tax break, totaling about $267M over 20 years, to build a luxury hotel.
The council also approved tax breaks for two other luxury hotels from Hong Kong's Wincome Group.
The developers will get a 70% tax break, which Anaheim offers as part of a hotel incentive program for hotels that are at least four diamonds.
Around $28M/year in reimbursement could be received by the hotels over two decades, according to the Orange County Business Journal.
The city is expected to receive $14M/year.
The three hotels could open between 2019 and 2021. [OCBJ]