Brazos County Commissioners Approve Kyle Field Funding Agreements

Image courtesy of Populous http://populous.com/news/2012/04/11/populous-selected-for-kyle-field-redevelopment/

The tax rate at Brazos County lodging establilshments will go up September 1.

That’s after the county commission approved funding agreements Tuesday with A&M and the Convention and Visitors Bureau (CVB) for the redevelopment of Kyle Field.

During the 30 year life of the $450 million dollar bond issue, the CVB will be able to rent campus facilities at reduced rates.

The county’s share of the hotel occupancy tax (HOT) goes up three-quarters of one cent.

Brazos County Judge Duane Peters says that’s projected to generate at least $450,000 a year.

The county will continue a two cent HOT tax, which goes towards paying the bond issue that funded the expansion of the Expo center.

WTAW’s Bill Oliver visits with Duane Peters.

A&M System Chancellor John Sharp issued this statement: “I want to express my sincere gratitude to the County Commissioners for their support of the Kyle Field redevelopment project. This agreement finalizes and reinforces a very unique town and gown relationship that should be a model for others to follow. The preferred access to select Texas A&M facilities should be a real catalyst for new business in Aggieland, creating incremental economic development on a 365 day a year basis.”

Click HERE to read the county commission resolution establishing the new HOT rate.

Click HERE to read the county’s agreement with A&M.