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Sugar Land Development Corporation OKs agreement to fund restoration in Imperial Historic District
Summary
At its April 1 meeting the Sugar Land Development Corporation approved a resolution authorizing an agreement with the City of Sugar Land to pay up to 50% of debt service on a $50 million certificate of obligation for acquisition and preservation in the Imperial Historic District, including mothballing work on the Char House.
SUGAR LAND, Texas — The Sugar Land Development Corporation on April 1 approved Resolution SLDC R 25-02 authorizing the corporation to enter into an agreement with the City of Sugar Land to support site improvements and historic-structure preservation in the Imperial Historic District.
The resolution lets the SLDC commit to paying up to 50% of the debt service on a certificate of obligation issued for the project, within a maximum certificate amount of $50 million. Devon Rodriguez, Director of Redevelopment, said the payment would come from a combination of the 4A and 4B sales-tax revenues and hotel-occupancy-tax capacity the corporations hold. "That's the gist of what the agreement is," Rodriguez said, calling the contract a legal arrangement that formalizes the corporations' share of debt service.
The action follows a city announcement on Feb. 14 that the city would pursue acquisition of property in the Imperial Historic…
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