UPDATED: Friday, January 18, 2013 - 9:47am
COLLEGE STATION, Tx (KYLE) — Ever since talks began of re-developing Kyle Field, the biggest question quickly became: Who's going to pay for the estimated $420 million project?
"Mayor Berry, the city leaders and the county, joining with President Loftin, have enabled us to answer that question," said A&M System Chancellor John Sharp.
Wednesday A&M administrators and local government leaders announced an agreement that will help cover around $36 million of the project.
In order to generate that much money over a 30 year time period, the county is increasing its hotel occupancy tax rate, which means visitors from out of town will be footing the renovation bill.
Shannon Overby, director of the convention and visitors bureau, says it's a perfect solution.
"It's three quarters of one percent that will be added so we'll be going from 15 percent hotel occupancy tax to 15.75 percent and that's really not a lot in the scheme of things."
The tax hike is estimated to bring in around $1.2 million a year to help fund the re-development.
But what do the cities get out of this deal?
In exchange for the increased HOT tax, A&M will allow the twin cities to have access to their facilities at cost rather than at retail, something that's never been done before.
"After all these buildings belong to the taxpayers so they ought to be able to use them to promote the economic benefit of Brazos County," said Chancellor Sharp.
A win-win for everyone involved.