STRATEGIC PRIORITY: Fiscally Sound
AGENDA DATE: June 11, 2025
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Jack Ireland
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SUBJECT
Title
An ordinance (1) approving and authorizing the Second Supplemental Indenture establishing the Senior Lien Special Tax Revenue Notes, Series A (Kay Bailey Hutchison Convention Center Dallas Venue Project) bridge loan in an amount not to exceed $1,000,000,000; (2) approving the execution and delivery of one or more Note Purchase Agreements with DNT Asset Trust, a wholly owned affiliate of JPMorgan Chase Bank, N.A., and the issuance of Notes pursuant thereto; and (3) resolving other matters related thereto - Financing: Convention Center Construction Fund ($1,055,181, upfront closing costs plus annual fees of $4,168,000 for a total cost of $5,223,181; with additional interest costs as accrued) (subject to annual appropriations)
Body
BACKGROUND
In coordination with the Kay Bailey Hutchison Convention Center Dallas (KBHCCD) Master Plan (the "Master Plan"), the City previously established a revenue financing system under its Master Indenture of Trust authorizing City of Dallas, Texas Special Tax and Revenue Obligations, (Kay Bailey Hutchison Convention Center Dallas Venue Project), dated as of October 3, 2023 (the "Master Indenture"). The primary source of funds for the Master Plan is revenue bonds backed by pledged revenue, including local Hotel Occupancy Tax (HOT), 2 percent Brimer HOT increase, and designated Project Financing Zone (PFZ) collections.
To move the project forward and begin enabling works in preparation for construction, the City, with advisement from the City's co-financial advisors, Hilltop Securities, Inc. and Estrada Hinojosa & Co., has determined that it is in the best interest of the City to utilize a bridge loan in an amount up to $1,000,000,000 with DNT Asset Trust, a wholly owned affiliate of JPMorgan Chase Ba...
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