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Council authorizes $2.2M in hotel-tax funds and seeks $2.8M bonds for proposed Hilton acquisition
Summary
After an executive session, Nassau Bay council approved using $2.2 million in hotel occupancy tax funds to partner on a proposed purchase of the Hilton property and directed the finance director to pursue legal avenues for up to $2.8 million in additional hotel-tax backed bonds, subject to a negotiated agreement.
NASSAU BAY, Texas — Following a closed executive session on economic development and real-property negotiations, the Nassau Bay City Council on Feb. 10 approved two separate actions to support a proposed acquisition at the Hilton site.
First, council voted 7-0 to authorize $2,200,000 from the city's hotel occupancy tax (HOT) fund to be used in partnership with Ayrshire for the acquisition and ownership of the property currently occupied by the Hilton hotel. The motion was made…
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