CORPUS CHRISTI, Texas — Corpus Christi City Council unanimously voted Tuesday to call a special election in November that will address its $725 million American Bank Center expansion plan.
The plan: to repurpose two local sales-and-use taxes to finance the city's proposed convention center complex.
The scope includes the arena, convention center, Selena Auditorium, the entertainment district and the new hotel.
The money also would also go to pay for projects at regional parks and could also be spent on commercial and industrial streets, as well as new destination-flight options.
The city would be responsible for around $480 million.
Some of the funding also is being provided by a project finance zone established in June, which allows 4 percent of the occupancy taxes collected by hotels in a 3-mile radius around the American Bank Center.
"$292 million is what would come back over 30 years,” Guajardo said. “That would be to expand and improve our convention center. Today we are losing 50 million dollars in revenue because of the size of our convention center. We cannot afford not to be competitive."
That $50 million in lost revenue is based on funds officials say the city could have earned over the last 5 years if it had a convention center facility with an attached hotel.
Now, if voters approve the repurposing of the tax dollars for the convention center, the next step would be to send out bids to developers interested in building the hotel.
The Corpus Christi City Manager Peter Zanoni has said no decision has been made on whether the renovation and hotel construction will be done at the same time or in phases or at separate times.
"I think it's going to be the first of next year, so we'll get through this year with the election and continue to get organized, continue to build our financial pro forma, if you will, and that's putting out something early next year," Zanoni said.
Guajardo said she expects the entire project to be completed within the next several years.