Sugar Land 4B board holds public hearing on $50 million financing package for Imperial Historic District restoration

The Sugar Land 4B Corporation opened a public hearing April 1 to consider Resolution SLB-R-25-O4 and an agreement with the City of Sugar Land authorizing use of 4B sales-tax revenues toward debt service on a proposed $50,000,000 Certificate of Obligation to acquire and restore buildings in the Imperial Historic District.

The public hearing and accompanying agreement would let the 4B corporation pay up to 50% of the certificate's debt service from 4B sales-tax receipts; the presentation to the board said the city and the Sugar Land Development Corporation (SLDC) would share responsibility for the project's financing and that other revenue sources such as hotel occupancy tax could be considered in future budget decisions.

Devin, a city staff member, told the board the $50 million package reflects a refined project budget: $31,500,000 for…