STRATEGIC PRIORITY: Economic Development
AGENDA DATE: December 14, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Convention and Event Services
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
title
Authorize a resolution (1) making certain findings and determinations regarding the Convention Center Expansion Venue Project and the Fair Park Facilities Venue Project ("Venue Projects"); (2) creating and establishing among its various funds and accounts the Venue Projects Fund required by Texas Local Government Code Section 334.042; (3) directing the Chief Financial Officer to create all necessary accounts within the Venue Projects Fund; and (4) providing for the use of monies in the fund - Financing: This action has no cost consideration to the City (see Fiscal Informaiton)
body
BACKGROUND
At a duly ordered special election on November 8, 2022, a majority of qualified voters of the City of Dallas cast votes in support of Proposition A: (1) designating the expansion of the Kay Bailey Hutchison Convention Center Dallas ("KBHCCD") and certain improvements at Fair Park within the City of Dallas as Venue Projects and (2) designating the method of financing as a new hotel occupancy tax at the rate of two percent ("2% HOT Increase").
Pursuant to Texas Local Government Code Section 334.042, a municipality in which an approved venue project is located shall establish by resolution a fund known as the venue project fund. Collections from the 2% HOT Increase will be deposited in the Venue Projects Fund in connection with the expansion of the KBHCCD and certain improvements at Fair Park within the City of Dallas as venue projects and will be used for reimbursing the City for prior expenditures made in connection with the Approved Venue Projects, paying the principal of and the interest on the Obligations, creating reserves therefor, and paying other costs relating to the Obligations.
PRIOR ACTION/REVIEW ...
Click here for full text