October 12, 2018: The City of Texas City is pleased to announce the completion of a sales tax incentive agreement with The Simon Group (Galveston Premium Outlets, LLC) and Tanger Outlets, four years ahead of schedule. The final sales tax rebate payment will be presented to representatives from The Simon Group and Tanger Outlets during our regularly scheduled Commission Meeting on October 17, 2018.
In 2011, the City partnered with The Simon Group to structure a deal which would repay the sales tax generated by the proposed outlet mall, up to $8.5M, to help defray the cost building the infrastructure to support the center. The Simon Group, the financier, then partnered with Tanger Outlets to handle operations – a partnership that has proven to be very successful. Initially, it was projected that it could take up to ten years to generate the required amount of sales tax. However, the Center has greatly exceeded these expectations by generating $8.5M in sales tax in only six years.
This project is yet another example demonstrating how investment in Texas City yields strong, positive returns and that the City of Texas City creates partnerships that work.
“We would like to congratulate The Simon Group and Tanger Outlets on this outstanding achievement and look forward to their continued growth and success in the future,” stated Matt Doyle, Mayor of Texas City.
Tanger Outlets Texas City opened in October of 2015 featuring more than 80 brand name and designer retailers and serving as a one stop destination for the entire family. The success of the center has mirrored Tanger’s ongoing commitment to all if its stakeholders, especially its local community. Tanger Outlets Texas City regularly hosts philanthropic efforts supporting the Texas City community including TangerKids Grants which has provided over $20,000 in funding to local school programs, $75,000 of financial support to recovery efforts after Hurricane Harvey, fundraising efforts for multiple local breast cancer support groups during PinkStyle, and more.
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