By a unanimous vote, the Baytown Municipal Development District signed off on restructuring how it intends to finance its part of the Bayland Island hotel/convention center project.
The MDD initially planned to issue some $20.5 million through certificate of obligation bonds to help finance costs accumulated due to COVID-19 and the full infrastructural buildout of the island. The city intends to build a 200-room Hyatt Regency hotel on the island with an adjacent convention center. The city’s contribution is $21.1 million, with the remaining funds coming through bonds sold to institutional investors, who would be paid back through hotel proceeds. A total of $17.1 million of the city’s contribution consists of certificates of obligation, and the other $4 million will come from Hotel Occupancy Tax money in a one-time contribution.