Wareham is one step closer to having a Marriott hotel in town, after the Board of Selectmen approved a deal for a tax break for the Westport-based LaFrance Hospitality Group on Tuesday.

Known as a Tax Increment Financing agreement (or TIF), the deal will provide the company with an estimated tax savings of approximately $622,000 over a 15-year period, according to Community and Economic Development Authority (CEDA) Director Salvador Pina.

Now, the agreement will have to be approved by Town Meeting voters in April.

Voters approved a similar agreement at the 2012 fall Town Meeting between the town and the T. Marzetti company, which owns a crouton factory in the Wareham industrial park.

The hotel is planned to be part of the A.D. Makepeace Company's Rosebrook Place, which the company plans to build in the Rosebrook Business Park on Route 28. The property is currently home to a medical office building.

"The town team met with A.D Makepeace and Lafrance four times" to hammer out the agreement, Pina said.

In addition to the hotel, a pharmacy, bank, locally- or regionally-based restaurant, and retail space is planned for Rosebrook Place.

While the agreement is attractive to the hotel owner, Pina outlined some of the ways in which the town will benefit as well.

Over 15 years, the hotel would generate a total of $3.3 million in revenue for the town. That figure includes money from a group of taxes that the developer will not be exempt from, including occupancy taxes, local meals tax, and the tax on the land.

LaFrance Hospitality will also make "TIF payments" every year.

The TIF payments are the taxes that will be due to the town from LaFrance Hospitality. Wareham will receive 55 percent of what it normally would without the agreement (approximately $51,000 per year), while LaFrance Hospitality will see a 45 percent savings (approximately $41,000 per year).

The first year of the agreement is known as the "base year," and is the year during which LaFrance Hospitality will see the most savings. Over the 15 year life of the deal, the payments made to the town will increase as LaFrance Hospitality's exemption decreases.

Pina says that another benefit would be an increase in the assessed value of the land on which the hotel is slated to be built. The land is currently assessed at approximately $525,000, and the "estimated improvement value" would increase that figure to approximately $6.9 million.

Because LaFrance Hospitality is not exempt from the land tax, as the assessed value of the land increases, the amount of money LaFrance Hospitality pays out in land taxes will steadily increase.

According to LaFrance Hospitality, the 50,000-square-foot hotel would be four stories tall and have 90 rooms. There would be an adjacent 300-seat function hall.

The developers say 50 permanent full-time and part-time jobs will be created, in addition to 30 to 40 temporary construction jobs.

"As much as we need the business and the revenue, the citizens need work," said Selectman Cara Winslow, noting that driving to a job out of town simply isn't feasible for some residents.

TIF agreements are a tool used by municipalities to make towns more attractive to businesses.

"We're basically competing with 350 other towns for business," said Selectman Alan Slavin. "It's a normal way of doing business."