Round Rock Approves $21.3M In Bonds To Build Convention Center

ROUND ROCK, TX — City officials on Thursday approved the issuance of public debt — in the form of $21.3 million in sales tax revenue bonds — to cover projected costs related to design and construction of a convention center adjacent to the Kalahari Resort hotel.

In a subsequent press advisory, officials called the financial commitment move a "major step" in realizing the vision of a world-class resort and convention center augmenting the Kalahari Resorts and Conventions facility.

The Round Rock Transportation and Economic Development Corporation (RRTEDC) and the city council approved the sale of $21.3 million sales tax revenue bonds for project costs related to the design and construction of a 200,000 square foot convention center to be owned by the City adjacent to the Kalahari Resort hotel.

The bond debt will be repaid through select State and city tax revenuesgenerated by the project, expected to open in late 2020, officials noted.

The convention center will include what is expected to be the largest ballroom, the Kilimanjaro Ballroom, in Central Texas. The city will own the center while Kalahari will be responsible for all operation and maintenance costs. "The convention center will provide a large-scale meeting and exhibition space currently unavailable and represents a valuable new industry for Round Rock that improves our economic diversity," officials wrote.

The debt issuance is the first of two planned sales tax revenue bond issues to fund $40 million in net proceeds to construct the facility, with a second issue planned for April 2020. As the city’s economic development entity, the RRTEDC plays a key role in fulfilling the agreements and financial transactions associated with the Kalahari Resorts development, officials reminded.