City Council gives notice of intent to issue Certificates of Obligation
The Round Rock City Council gave notice Feb. 11 of its intent to issue $60 million in Certificates of Obligation (COs) for transportation improvements as well as infrastructure related to the Kalahari Resorts and Convention project.
The $30 million in COs for transportation projects will be repaid by property tax revenues. This will be the third in a series of planned debt issuances to fund a five-year, $240 million road building program we call Driving Progress. The program’s goal is to make significant headway on building the projects identified in the City’s $1.2 billion Transportation Master Plan approved by City Council in late 2017.
Projects that broke ground in 2020:
- Logan Street extension from Greenlawn Boulevard to A.W. Grimes Boulevard
- Kenney Fort Boulevard extension from Old Settlers Boulevard to Joe DiMaggio Boulevard (known as Segment 4)
Projects expected to break ground in 2021:
- University Boulevard widening from A.W. Grimes Boulevard to SH 130
- Kenney Fort Boulevard extension from Forest Creek Drive to SH 45 frontage road (known as Segments 2, 3)
The combined $30.8 million in COs for City-owned infrastructure related to Kalahari will be repaid from the eligible tax proceeds and State rebates generated by Kalahari and will not impact the City’s property tax rate.
The infrastructure funding is a component of the incentive agreements the City Council approved with Kalahari in late 2016. The City expects to receive $4 million a year in new tax revenue after debt and incentive payments are made for years 1 through 10 of the agreements.
The CO notices will be published at least 45 days prior to the City Council voting on the ordinances to authorize the Certificates of Obligation. Awards will be made on April 22, 2021, at the regular City Council meeting.
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Source: City of Round Rock