Kyle Field Hotel Tax Funding Agreement is FormalizedFeatured Stories, News Thursday, August 22nd, 2013
Those responsible for sending future hotel occupancy tax (HOT) money to the Kyle Field redevelopment project were at the Zone Club Thursday.
They signed a customized poster board showing the memorandum of understanding involving the twin cities, Brazos County, the B/CS Convention and Visitor’s Bureau (CVB), A&M, and the A&M System.
A common theme from representatives of all organizations was recognizing thanking the late Frank Simpson as a catalyst. Simpson was in his first month as College Station City Manager when he unexpectedly died of a heart attack. Simpson’s wife, Kelly, attended the presentation.
The tax rate at Brazos County lodging establishments will go up September 1. A 0.75 percent countywide HOT is estimated to generate at least $22 million over the next 30 years. A portion of the current College Station HOT is estimated to generate $14 million over the next 30 years.
In exchange, the CVB will be able to rent campus facilities at reduced rates.
The $450 million dollar project unofficially began Monday with the start of removing G. Rollie White Coliseum and the Read Building.
Click below for comments from A&M System Chancellor John Sharp.
Click below for comments from A&M President Bowen Loftin.
Click below for comments from College Station mayor Nancy Berry.
Click below for comments from Bryan City Councilman Chuck Konderla.
Click below for comments from CVB Board Chairman Hunter Goodwin.
Click below for comments from CVB President Shannon Overby.
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