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.
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