Instead of lowering taxes for everyone, members of the Plainview City Council voted to hand tax incentives to one Amarillo-based convenience store chain last week.
The Plainview City Council voted unanimously to provide a 50 percent tax rebate to Toot‘n Totum for five years, meaning this one business is receiving a specially targeted tax cut.
Citizens will still have to shoulder the burden of city government spending, unless their taxes are reduced as well and spending is cut accordingly.
Officials said during the meeting the incentive package is expected to bring a $10 million investment to the city.
The convenience store is expected to be located in a vacant storefront formerly belonging to a defunct car dealership.
Toot‘n Totum is based out of Amarillo and operates a number of convenience stores, car care centers, and other similar businesses throughout the Panhandle. The company’s projects have benefited from tax rebate packages in the past, receiving a 90 percent tax rebate on a downtown Amarillo convenience store location in 2013 and a 10-year rebate on a planned travel center in east Amarillo last year.
The 2019 deal included a 90 percent tax rebate for five years, followed by a 60 percent tax debate for the following five years.
Officials said the Plainview project is expected to be completed within a 24-month time frame.
