City of Fort Worth | City of Fort Worth website
City of Fort Worth | City of Fort Worth website
The Fort Worth City Council will be holding a special meeting to discuss the funding for the renovation of the Fort Worth Convention Center. The meeting, scheduled for January 9th, will address the possibility of designating the project as a "venue" under state law and seeking voter approval for a 2% additional hotel occupancy tax (HOT).
According to City management, the construction costs for the Convention Center renovation have increased due to inflation and other factors. In order to cover these costs, the proposal is to ask voters for approval to implement a 2% increase in the HOT. This would be in addition to the current 15% general state and local HOT. If approved, the total HOT rate would be 17%, which is the same as in Houston and Austin.
The additional 2% HOT is projected to generate $10 million per year, which would be used to support revenue bonds for the Convention Center renovation. It's important to note that a designated venue cannot be supported by property tax or property tax-backed bonds.
However, it is crucial to understand that this meeting is just the first step in the process. The proposal would still need to be reviewed by the Texas Comptroller to assess its potential impact on state revenue. Once the Comptroller provides their feedback, further action by the City Council would be required to call for an election, where voters will have the final say on the venue designation and the proposed HOT.
As of now, the agenda for the special meeting has not been posted, but it is expected to be available on Friday, January 5th. This meeting marks an important milestone in the Convention Center renovation project and highlights the City Council's commitment to involve the community in decisions that impact the city's infrastructure.
In conclusion, the Fort Worth City Council will be convening a special meeting to discuss the funding for the Fort Worth Convention Center renovation. The proposal to designate the project as a "venue" and seek voter approval for a 2% additional hotel occupancy tax aims to address the increased construction costs. The outcome of this meeting will determine the next steps in the process, and ultimately, it will be up to the voters to decide the fate of the project.
For additional details, please follow this link: https://www.fortworthtexas.gov/news/2024/1/special-called-meeting
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