A debt payment reserve fund will be established that gives the City enough money to pay a full year’s debt payments. Here is the order in which the select State and City tax revenues will be spent:
- Debt payments for Convention Center and infrastructure
- Reserve fund equal to one year of debt payments
- Sharing of program incentive payments between the City and Kalahari
By owning the 351 acres and the Convention Center, the City has real assets. The City will not sell the property until all project public debt is paid. At that point, Kalahari will have the option to purchase the property for $1 per acre.
Kalahari’s proximity to Old Settlers Park and Dell Diamond – two well-established venues that together draw more than a million visitors annually – bodes well for a successful, tourism-oriented development.