CS Buys Property to Build Hotel-Convention Center

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.

KBTX-TV Channel 3 4141 E. 29th Street Bryan, TX 77802 Phone: (979) 846-7777 Fax: (979) 846-1490 News Fax: (979) 846-1888
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 33198214 - kbtx.com/a?a=33198214
Gray Television, Inc.