Another reprieve for the Astrodome

Last week, I noted that State Sen. Kyle Janek had amended HB3694 to qualify the Astrodome hotel redevelopment project for some tax rebates, for the purpose of helping it to get financing, which has proven elusive so far. The amended bill has now passed the Senate and will go back to the House.

The legislation comes just in time for Astrodome Redevelopment Corp., the private entity seeking to transform the dome, which is counting on the future rebates to help it secure financing for the $450 million project.

The Harris County Sports & Convention Corp., which manages the county-owned Reliant Park, set a June 1 deadline for Astrodome Redevelopment to prove it has lined up financing.

As I said in the previous post, these rebates would essentially serve as a form of collateral for the loans. Given how soon the deadline is for proof of financing, I wonder if Astrodome Redevelopment has a deal contingent on this, or if they'll beg for an extension. If they don't get it, whoever comes after them will presumably have an easier time of it if this bill does pass. We'll see.

Posted by Charles Kuffner on May 25, 2007 to Elsewhere in Houston