This agenda item represents a Resolution designating and authorizing the planning, acquisition, establishment, development, construction, and renovation of a sports and community venue project pursuant to Chapter 334 of the Texas Local Government Code, and identifying proposed methods of financing for the project, subject to voter approval at an election.
Prior to calling an election, Chapter 334, Section 334.022 of the Texas Local Government Code requires the City to submit the proposed venue project and financing plan to the Texas Comptroller of Public Accounts for review. The Comptroller must determine whether implementation of the proposed Resolution would have a significant negative fiscal impact on state revenue.
Through this Resolution, the City Council seeks to submit the proposed venue project description, together with the associated financing methods, to the Comptroller for review and approval as required by Chapter 334, Section 334.022, in connection with a proposed venue tax election to be considered at a future election date.