ABILENE, Texas (KTAB/KRBC) — Abilene City Councilmembers voted to on Thursday evening to approve the issuance of notice of the downtown convention center hotel debt by the city, for $23.1 million.
Abilene residents gave their opinions and some questioned the transparency and feasibility of the hotel project, but City Manager Robert Hanna said he is confident it will not impact the taxpayers.
“I am as certain as I can be that there is sufficient project revenues to cover the debt, and this will be self-supported debt because of the revenues that will be used to pay this off,” said Hanna.
Councilmembers voted unanimously in favor, passing the publication of the notice of intent for the certificates of obligation.
Final approval of the bonds will be scheduled for the August 12 council meeting.
The council did grant Hanna permission to use up tp $450,000 for pre-development expenses and early release packages for the downtown hotel.
The council also voted in favor of the 5% increase to the stormwater services fee. That adds up to a 20% increase over the next five years and will pay for the 25-year Master Drainage Plan.