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This layer, generated on January 17, 2024 and updated on December 16, 2024, is officially sanctioned for online utilization.
In 2013, during the 83rd Legislature's Regular Session, Senate Bill 748 (S.B. 748) was passed, introducing the "project finance zone" program. This initiative empowers municipalities to designate a three-mile radius around a convention center or arena. Within this zone, growth in state hotel taxes is earmarked for rebate to the municipality over a 30-year period. The purpose of this rebate is to fund improvements to the designated convention center or arena. Notably, this provision has played a crucial role in enabling the city of Dallas to finance enhancements to the Kay Bailey Hutchison Convention Center. It is anticipated that this funding mechanism will serve as a primary source for a 10-year master plan aimed at upgrading the city-owned facility located on South Griffin Street.
The overarching objective is to establish zones where hotel occupancy, sales, and mixed beverage taxes can be collected from hotels in the vicinity. The funds thus acquired are intended for use by cities in undertaking projects related to convention centers or arenas. This strategic approach is poised to bolster the tourism and travel industries in Dallas. Expanding the eligibility criteria for project finance zones emerges as a viable solution to facilitate the renovation of these crucial economic drivers.