STRATEGIC PRIORITY: Economic Development
AGENDA DATE: June 14, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Convention and Event Services
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Approve a resolution expressing official intent for the City to reimburse itself for costs and expenses incurred in connection with the Kay Bailey Hutchison Master Plan from obligations that will be issued after the expenditures - Financing: No cost consideration to the City
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BACKGROUND
The Kay Bailey Hutchison Convention Center Dallas (KBHCCD) Master Plan financing strategy is underway. As part of the financing strategy, the City of Dallas will pledge Project Financing Zone (PFZ) incremental funds as approved by the State of Texas Comptroller's Office in November 2021, the 2% increase in hotel occupancy tax (HOT) as approved by voters in November 2022, a portion of local HOT as authorized by City Ordinance 31554, and some portion of KBHCCD event revenues to secure revenue bonding.
These bonds will fund the implementation of the KBHCCD Master Plan working draft completed in March 2023 by WSP USA, Inc. (WSP). On January 27, 2021, the firm completed the draft as approved and directed by Resolution No. 21-0245. The completed draft and the advanced planning documents allow staff to move forward with the implementation of the steps needed to move forward with architecture / engineering /design and construction on the 3C West of Lamar alternative adopted by City Council February 9, 2022.
As part of the financial strategy, Convention and Event Services will seek reimbursement from revenue bonding for certain costs expended from the department's capital fund. These costs will include administrative and soft costs incurred prior to the bond sale and closing.
This item authorizes the payment of future costs and expenses in connection with the Kay Bailey Hutchison Convention Center Master Plan and to reimb...
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