The Convention Center will provide large-scale meeting and exhibition space currently unavailable and represents a valuable new industry for Round Rock that improves our economic diversity. The City will issue bonds to provide $40 million in net proceeds to construct the Convention Center. We plan to use select State and City tax revenues generated by Kalahari to repay the bonds.
The City will own the convention center, but will enter into an agreement with Kalahari to manage it. The lease will provide that Kalahari is responsible for all operation and maintenance costs. When the debt associated with the issuance of the bonds is retired, the City will convey the convention center to Kalahari at no cost.
Updated Dec. 9, 2016