The San Antonio City Council this month will consider creating a public facilities corporation that would issue up to $544 million of bonds for an expansion of the downtown convention center.
The proposal includes a $325 million expansion effort and refinancing of up to $254 million of outstanding bonds supported by the city’s 16.75% hotel occupancy tax.
Officials said the refinancing would allow the city to dedicate up to 33% of incremental revenue growth from the hotel tax to support the new debt.
The bonds could be issued in October if the council approves the project this month, according to city manager Sheryl Sculley.
The expansion effort includes two new exhibit halls and a large multi-purpose room at the Henry B. Gonzalez Convention Center. An older portion of the center will be demolished to provide more space for HemisFair Park.
The project would be completed by summer 2016.
The most recent expansion of the facility was completed in 1999.
San Antonio recently created a municipal facilities corporation to issue bonds for a public-safety dispatch center.