Local governments will use tax reducing in order to assist with the costs for the development of a college student dormitory at Lamar State College-Port Arthur in Port Arthur, Texas. The project will be built through a public-private partnership (PPP).
Itex Group was chosen by the Texas State University in May 2014 to develop the project, which consisting of a 146 unit building on roughly 1 hectare.
The Port Arthur City Council has approved a US$17,700 annual tax reducing for 10 years and the Jefferson County Commissioners has also approved a five year abatement worth $3.9 million in total.
Furthermore the Port Arthur Economic Development Corporation has also contributed to the project. The agency awarded a US$1 million grant to help fund the project and provided a no-interest $1 million loan to Itex Group for the US$6.6 million project development.
The project will be developed on a design, build, finance, operate, and maintain (DBFOM) method by Itex Group through a 30-year lease agreement, after which, Lamar State college will take ownership of the project.