Dallas officials are seeking to raise the amount of taxes it charges on room rentals by two percent, primarily to help pay for a new downtown convention...
would allow the city to also devote some of the extra money to some Fair Park buildings.
The Fair Park facilities covered would be the Cotton Bowl, the Coliseum, the automotive building, centennial building, the music hall and the band shell. If voters approve the proposition in November, the city would be banned from using general fund tax revenues and general obligation bonds for the six venues.
Dallas has invested around $289 million in Fair Park since it was built in 1936, he said, with most of it going toward the Cotton Bowl stadium. The convention center and Fair Park facilities are in need of maintenance and repairs. According to city officials earlier this year, the convention center has $500 million to $700 million in maintenance needs, largely due to neglect. It needs include a new roof, escalators and reconstruction of other parts of the building to allow for upgrades. City officials say Fair Park has hundreds of millions in facility maintenance needs.
City officials plan to pay for the convention center and surrounding redevelopment with money generated from hotel taxes. The city estimates two financing plans could bring in almost $4 billion over 30 years.The current tax rate for Dallas hotel rooms is 13%. The state normally gets a cut of all hotel taxes, but state officials last year approved allowing the city to keep all of the taxes collected from hotels within three miles of the convention center area for 30 years.
Under the new state law, a city can spend up to 20% of the money from the tax rate increase on costs related to only an amphitheater, arena, exhibit hall, music hall, or stadium located within a municipally owned park.
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