The city council stamped the approval on the proposed ordinance (i) authorizes the issuance of the City of Baytown, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2020 (the "Certificates") for City Facilities related to the Baytown Hotel/Convention Center Project; (ii) levies a tax in payment thereof and pledges a portion of City hotel occupancy tax to be collected at the hotel and $1,000 of the surplus net revenues of the City's water and wastewater system, (iii) sets certain parameters for the sale of the Certificates; and (iv) approves the preparation and distribution of an official statement.
The Certificates of Obligation will be issued in the total aggregate principal amount not to exceed $20,500,000 for the purpose of providing for the payment of contractual obligations to be incurred in connection with the planning, acquisition, construction, equipping, expansion, repair, and/or renovation of City-owned public property, including the following:
- a convention center consisting of public conference rooms and meeting space of approximately 33,600 square feet, including a ballroom of approximately 12,000 square feet (the “Convention Center”);
- public facilities and infrastructure ancillary to the conference rooms and meeting space;
- a proportionate interest in elements common to the Convention Center and the hotel that will be interconnected with the Convention Center (the “Hotel”), such as the foundation, HVAC system, mechanical, electrical, and plumbing systems, roof, and other similar structural elements;
- areas common to the Convention Center and the Hotel;
- the completion of a water and wastewater preliminary engineering report for the design of a water line extension and replacement of an existing wastewater lift station and force main, and
- a parking lot or parking structure with approximately 320 spaces, adjacent to the Convention Center.
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