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Finance staff explain bond refunding, TDZ extensions and $601M convention-center cash-on-hand
Summary
Finance staff told the committee the plan ties revenue streams to refunded bonds and highlighted that convention-center accumulated excess revenue at 06/30/2025 is about $601,000,000; staff said $300,000,000 of that is proposed for East Bank while other funds create reserves and pay debt service.
Janine Reed said the revenue streams identified in the ordinance mirror those already pledged to convention-center debt and explained the state law extends TDZ and other timelines: "The TDZ is gonna expire ... 2042," she said, and she described other revenue streams that are extended through 2058 for expansion bonds. Reed said the financing plan includes refunding existing bonds and issuing new debt for expansion, with proceeds used to reimburse land purchases, fund design, and provide reserves.
Reed also described how accumulated excess revenues (cash on hand at 06/30/2025 plus TDZ payment) are authorized in the state legislation and said, "So of the 601,000,000, 300,000,000 is gonna go to East Bank Development Authority." She added the convention center will retain funds for operating reserves, debt-service reserves and other authorized uses and that staff will present detailed flow-of-funds modeling to Budget and Finance.
