Casalinova pursues tax break for Oxford hotel
Casalinova Development Group, which has proposed building an 80- to 100-room hotel and various family entertainment attractions across from the Oxford Casino, is seeking a property tax break on 550 acres.
The Sun Journal reported the company is seeking a 15-year tax increment financing agreement with the town, which would allow it to keep up to 20% of the new property tax revenue it generates within the town’s tax increment financing zone. The company would reinvest the funds in pre-approved infrastructure developments on the property, including water and sewer lines. The remaining new property tax revenue would go toward debt service on the town’s water line and public sewer projects, the paper reported.
The company’s proposal outlines a first phase that would include design and construction of a hotel, restaurant, day care facility, water park and ice cream stand as well as infrastructure improvements including electric, telephone and data lines.
Oxford Town Manager Michael Chammings told the paper that initial negotiations are focused on the proposed hotel and restaurant and not the rest of the 550-acre property where Casalinova sees future expansion.
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