Bryan City Council Approves A $2 Million Dollar Short Term Loan To Developers Of A Midtown Park Entertainment Facility

Photo taken July 23, 2024 of the Midtown Park movie theater, bowling, restaurant, and entertainment complex that is under construction.
Photo taken July 23, 2024 of the Midtown Park movie theater, bowling, restaurant, and entertainment complex that is under construction.

The Bryan city council approves a $2 million dollar, short term loan for the owner of the Midtown Park movie theater, bowling, restaurant, and entertainment complex that is still under construction.

Mayor Bobby Gutierrez says the loan is the result of the council’s request to add more attractions that will result in a $5 million dollar increase in taxable value of the complex, from $19 million $24 million dollars.

City documents say additions includes an outdoor amphitheater with an audience lawn area of 20,000 square feet, an area for yard games, and the construction of seven pickleball courts…four indoors, two covered, and one outdoor.

The documents also say the loan is to allow construction to continue without interruption.

The original agreement called on the complex was supposed to be open by August 31st. The loan that the council approved gives additional construction time.

The two year loan has a zero interest rate if it is repaid within nine months. Otherwise, the interest rate is eight percent.

Click HERE to read and download the loan that was approved during the July 18, 2024 Bryan city council special meeting.

Click HERE to read and download background information about the loan.

Click HERE to read and download the original agreement between the city council and the developers of the Midtown Park movie theater, bowling, restaurant, and entertainment complex.

Click below to hear comments from the July 18, 2024 Bryan city council special meeting.

 

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