The city of Waco is giving Baylor University $35 million towards a new stadium, but some local governments say they can't afford it.
The Texas A&M University System is asking Brazos County, Bryan and College Station to collectively pay $38 million dollars for a $425 million project to renovate Kyle Field and keep home games local during construction.
Baylor University is getting ready to construct a new stadium, and part of the reason is to build a better facility. It's common ground that Texas A&M University shares for renovating Kyle Field, but the funding sources are different.
The city of Waco established a tax increment financing zone back in 1982. That money can only be used to go toward infrastructure that would stimulate growth in the downtown area.
Waco tapped into that tax money that has been accumulating since 1982. This summer, the city said it could use $35 million dollars of that money to give to Baylor University for public infrastructure and facilities that may support the stadium.
Down Highway 6, to Texas A&M University, Kyle Field is on state property. Also the land around Kyle is tax exempt, so there's not much opportunity for commercial redevelopment to drive the property taxes that would make up revenues for any kind of tax increment financing zone.
College Station, Bryan and Brazos County would have to look at other ways to come up with $38 million that the university is asking for.
Options discussed include possibly a ticket tax, venue tax or tapping into hotel taxes.
Texas A&M University System spokesman Steve Moore says if the local governments decide they can't afford the money or don't want to help fund the renovation project, the university would have less sources of revenue but will continue with plans to renovate Kyle Field.
The 12th Man Foundation is expected to make a recommendation on the future of Kyle Field at a Texas A&M Board of Regents meeting in November.
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