STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: June 14, 2023
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Jack Ireland
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SUBJECT
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A resolution authorizing the preparation of plans and the payment of potential future costs and expenses for the issuance of (1) Special Tax and Revenue Bonds (Convention Center Venue Project), Series 2023 in a principal amount not to exceed $172,000,000; and (2) Special Tax Bonds (Fair Park Venue Project), Series 2023 in a principal amount not to exceed $51,000,000 - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future costs)
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BACKGROUND
Pursuant to an election held within the City of Dallas on November 8, 2022 in accordance with Chapter 334 of Texas Local Government Code (the "Brimer Bill"), voters approved Proposition A authorizing the City to provide for the planning, acquisition, establishment, development, construction, renovation and financing of the expansion of the Kay Bailey Hutchison Convention Center Dallas and related infrastructure as defined in Chapter 334 (collectively, the "Convention Center Venue Project") and to provide for the planning, acquisition, establishment, development, construction, renovation and financing of certain Fair Park facilities and related infrastructure (collectively, the "Fair Park Venue Project" and together with the Convention Center Venue Project, the "Dallas Venue Projects") and to impose a maximum increase of two percent (2%) of Hotel Occupancy Tax (HOT) as a source of pledged revenues for financing. Chapter 334 requires an issuance of the Dallas Venue Projects debt within one year of the Brimer Bill tax levy, which began on January 1, 2023.
To remain in compliance with Chapter 334 and meet the needs of project design and other initial contract awards while maintaining coverage requirements for fu...
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