City approves first bond sale for Convention Center
The City of Round Rock took a major step Thursday toward realizing the vision of a world-class resort and convention center by taking action on a key element of its financial commitment to the Kalahari Resorts and Conventions facility.
The Round Rock Transportation and Economic Development Corporation (RRTEDC) and the City Council approved the sale of $21.3 million sales tax revenue bonds for project costs related to the design and construction of a 200,000 square foot convention center to be owned by the City adjacent to the Kalahari Resort hotel.
The bond debt will be repaid through select State and City tax revenues generated by the project, expected to open in late 2020.
The convention center will include what is expected to be the largest ballroom, the Kilimanjaro Ballroom, in Central Texas. The City will own the center while Kalahari will be responsible for all operation and maintenance costs. The convention center will provide a large-scale meeting and exhibition space currently unavailable and represents a valuable new industry for Round Rock that improves our economic diversity.
This is the first of two planned sales tax revenue bond issues to fund $40 million in net proceeds to construct the facility. The second issue is planned for April 2020. As the City’s economic development entity, the RRTEDC plays a critical role in fulfilling the agreements and financial transactions associated with the Kalahari Resorts development.
The post City approves first bond sale for Convention Center appeared first on City of Round Rock.
Source: City of Round Rock