In a unanimous vote, the City Council on Tuesday approved the basic terms of a multimillion-dollar tax abatement package that developer K.C. Chiang said will enable him and his partners to build a 500-room Gulf-front hotel and convention center.
Better than a handshake, but far from a guarantee, the 12-page letter of intent spells out the tax concessions that Orange Beach is willing to offer, as well as what it expects of the developers in return. City leaders said Tuesday’s vote essentially allows Chiang to tell his lenders that Orange Beach is “serious” about doing business, and green-lights lawyers on both sides to begin drafting a voluminous development agreement between the parties.
Once complete, that document must be approved by the council and ratified by a Baldwin County circuit judge before the deal is final