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Budget includes $8.2M for housing initiatives and $25M convention‑center paydown
Summary
The proposed FY2026 plan allocates $8.2 million to affordable housing projects, and proposes a $25 million lump‑sum payment toward the convention‑center bond principal to lower long‑term debt service.
City finance officials and housing staff walked council through housing‑focused allocations in the proposed FY2026 budget and explained the mechanics of a large convention‑center debt payment.
Housing: Chief Financial Officer Boyce Evans and Housing & Neighborhood Development Director Kevin DuBose described a package of housing investments totaling about $8,200,000 proposed in the budget. Evans and DuBose said the funding breaks down as follows in the administration's presentation: $4,200,000 for the Transforming Western initiative, $2,500,000 for an affordable rental development fund, and $1,500,000 for permanent supportive housing. DuBose noted the city has invested more than $50,000,000 over recent years across a range of housing incentives, and staff said more than 2,600 units have advanced with municipal help in recent years.
DuBose also highlighted the homemakers and blight‑reduction work the department manages with community partners, plus smaller allocations for homelessness prevention and warming centers.
Convention center debt: Evans said a $25,000,000 lump‑sum payment is included to reduce the convention center debt principal from roughly $59,000,000 to about $34,000,000. He told council that, if tourism development zone (TDZ) receipts continue at forecasted levels, TDZ revenue should cover annual convention‑center debt service going forward and free city hotel‑motel taxes for other tourism‑related uses. Evans said the lump‑sum payment lowers annual convention center debt service from roughly $9,800,000 to $5,700,000 and represents sizable life‑of‑bond savings.
Ending: Council members pressed for additional detail about sources used for the $25 million payment and about how housing funds link to developer pipelines; staff said they would provide follow‑up material during upcoming hearings.
