LUBBOCK, Texas — A financial advisor with Hilltop Securities confirmed Monday during the Lubbock County Commissioner’s Court that venue taxes will come in by June 2020 for the Lubbock County Expo Center.
Voters approved a measure related to the proposed center in November 2018.
“One of the things we’re trying to look at is the amount of capacity that the expo center has or the capacity of what the county has to build the expo,” said Jason Hughes, managing director at Hilltop Securities.
Hughes said one idea is to spend money now to start the construction process quicker, and then the county can reimburse itself with bond proceeds.
Hughes said $36 million is in the middle range of what the county can borrow in a bond issue, based on analysis, said Hughes.
“I think where we are again is looking at the initial finance plan that citizens approved in November 2018,” said Hughes.
As far as debt services go, he said safeguards will be put in place so the county doesn’t ever have to spend other funds. Hughes said funds will be coming from a bond issue.
He added that bond revenues are coming from hotel occupancy taxes and not county property tax or sale tax revenues.