KFDA - NewsChannel 10 / Amarillo News, Weather, SportsDowntown revitalization project will not raise taxes

NewsChannel 10

The big question for many in Amarillo is how the $113 million dollar downtown revitalization project will affect your taxes?

The developers at Wallace-Bajalli say it will not raise taxes for the people living in Amarillo for several reasons. They say the money to build these projects will be paid up front by private investors.

Money will also come from user fees from events at the baseball stadium and fees at the parking garage. There is expected to be a 10% surcharge on items such as baseball games, concerts, and other functions at the multi-purpose event center.

Dave Wallace with Wallace-Bajalli says "through the funding sources and that capital resources, it will not cost the taxpayers a dime of ad-valorem taxes and it will not affect your tax rates at all. If you use it you pay for it. If you don't use it, you don't pay for it."

The existing hotel occupancy tax, which comes from hotel stays in Amarillo, will be reinvested into the development of the event venue and the parking garage.