The City of College Station has approved a nearly $10 million purchase of land that will eventually be home to a hotel and convention center.
The purchase of the seven-acre Chimney Hill Shopping Center on University Drive East will be paid for with $7 million worth of hotel-motel tax. The rest will be paid for by issuing debt that would be repaid from existing lease revenue.
Officials with the city say a venue tax will likely have to be created to help finance construction and development of the center.
Around $300,000 in annual revenue will be put back into the convention center project through the terms of the agreement.
Approval of the purchase came at Thursday night's city council meeting.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.