houston city council approves new bonds for stadium renovations

[monarch]

Houston City Council approves new bonds for stadium renovations

Harris County Houston Sports Authority will issue new bonds in late 2026 or early 2027.

https://www.chron.com/business/article/houston-stadium-renovations-bond-19813311.php

 

Houston's Minute Maid Park, NRG Stadium, and Toyota Center facilities could all soon see an upgrade following the approval of Harris County - Houston Sports Authority's (HCHSA) petition to issue new revenue-funding bonds by city council. 

The move will help HCHSA call in outstanding bonds and issue new ones at a lower interest rate. Chairman J. Kent Friedman told the Houston Business Journal that the move could help the organization refinance $353 million bonds, which would save the organization about $60 million. Bonding capacity is estimated at $150 million, with new bonds going out late next year or in early 2027, per the report. 

This paves the way for a facilities update of three of Houston's biggest sporting venues, which are all coming of age, with all at least 20 years old and in need of renovations.

The bonds will be a much-needed capital infusion to the organization, which manages leasing for Minute Maid Park and Toyota Center. NRG Park is managed by Harris County Sports and Convention Corp. However, the bond money is expected to trickle down and be split between the three venues evenly. 

The impetus for financing improvements in these venues could stem from lease negotiations coming up in the 2030s. The Houston Rocket's lease on Toyota Center will expire after the 2032-33 NBA season and the Houston Texans' and Houston Livestock Show and Rodeo are ending their leases at NRG Park in 2031 and 2032. The Houston Astros cemented their hold on Minute Maid Park as their home base in 2018, securing a lease through 2050.

 

 

[BeerNut]

Astrodome?