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. 

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.