The City of Irving’s long-awaited sale of HOT revenue bonds for the City’s portion of the construction budget of the Entertainment Center took place on Tuesday. After weeks of preparation by financial and bond advisors the City was able to sell $35.05 million in bonds, an amount considerably higher than what was expected. The Irving City Council were warned initially they would probably be able to sell about $27 million, although later estimates rose to perhaps as much as $31 million.
These bonds will be paid back by revenue generated by the project through the Brimer tax, a 2 cent tax on hotel occupancy that is dedicated to the Entertainment Center project. The developer, Ark, has already delivered their financial commitment.
The next steps include City Council approval of the RAB zoning on the property, the approval of Ark’s contractor selection, and the approval of design documents. Once those items are taken care of a groundbreaking will be close behind.
City staff and Ark principals are very pleased. Ark representatives credit Interim City Manager Steve McCullough with shepherding what was an intense and sometimes tense internal process to a successful conclusion.
