Baytown Considers Debt Defeasance For Convention Center Plan
City officials debated defeasance to clear remaining bonds tied to a 1998 issue funding a convention center on Bagland Island and related water sewer jail and communications projects. Bonds bear 4.5 to 6 percent interest over 20 years, with Moody's rating Baytown as second‑best among nine. Debt defeasance moves the payment to a third party, removing the city from the obligation for bond ratings. The hotel tax funds a $318,980 payoff last year and a projected $472,300 hotel tax intake this year, but the hotel fund has run deficits totaling about $86,000 for the past two fiscal years and an estimated $340,000 deficit is on the books.
MENTIONED IN THIS ARTICLE
Bagland Island
Moody’s Investors Service
Baytown
Gary Smith
City debates hotel tax funds and convention center viability
City officials weigh whether the 5 million hotel tax can be used beyond its original bond purposes after debt defeasance. Bond counsel says funds may serve any permitted use, while Mundinger urges sticking to tax definitions. Budget constraints and private investment hopes shape the center’s future, with potential decisions in the upcoming budget cycle.
Convention center timeline from 1998 to 2004
City records show in 1998 May the City Council agrees to sell 150 million in bonds with 4 million slated for a convention center. 2002 January contracts fund a study on center placement. July study finds demand and options for stand-alone or mall integration. August council explores not-building. August also reviews Lee College involvement with the center through the Tax Increment Reinvestment Zone. 2004 January to Mayoral candidate Mundinger calls it uneconomical. February staff briefs on building options, public funding, partnerships, or defeasing debt.
MENTIONED IN THIS ARTICLE
May
San Jacinto Mall
The
Tax Increment Reinvestment Zone
Lee College
Calvin Mundinger
Lee College to host mandatory orientation for new and returning students
Lee College Counseling Center announces a required orientation for new students and those with nine or fewer credits, Saturday from 8:30 a.m. to 1 p.m. in the on campus Sports arena. Attendees can join breakout sessions on study skills, activities, financial aid and transferring, with campus tours, meals, door prizes, and a scholarship drawing for the next term. RSVP at 281-425-6281. The college also features Susan Cummings Frames of Reference gallery exhibit at McNulty Haddick Complex through September, hours 9 a.m. to 5 p.m. weekdays. For details, call 281-425-6507.
MENTIONED IN THIS ARTICLE
Lee College Counseling Center
R.S.V.P
Lee College
Susan “Cummings
McNulty Haddick
Cummings
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Eaglepointeonline
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M.D
Garth Road
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