Dallas considers special $2 surcharge to pay for Fair Park upgrades
DALLAS - Dallas is looking at new ways to fully fund improvements to Fair Park.
Monday, the CEO of Fair Park first told council members that the venue is missing many opportunities due to its aging outdated facilities and funding improvement. It continues to be the challenge.
One potential solution would charge a fee on every ticket sold at Fair Park.
Brian Luallen says the city would also need to agree to give Fair Park a type of loan known as a certificate of obligation, which does not need to be approved by voters. The ticket surcharge could be used to repay the loan.
That money would fund long discussed renovations to the Cotton Bowl as well as the African American Museum and Music Hall.
Leaders say that funding could be used as a revenue source to pay for a city loan to kickstart improvements.
The city council's Parks, Trails and Environment Committee will hear details on the plan on Monday.
It's estimated the city will need about $600 million to upgrade facilities to host some major events.
A proposition passed by Dallas voters last year will get about half that amount.
Dallas voters approve $1.5B plan for new convention center, Fair Park renovations
Dallas voters approved Proposition A, which calls for a 2% increase to the city's hotel occupancy tax to help fund a new $4 billion convention center in Downtown Dallas and pay for renovations to historical buildings at Fair Park.
The city is considering two more ways to come up with the other $300 million.
One is tax increment financing, the other is a $2 surcharge on tickets sold to any event at Fair Park.
That would include the State Fair and any concert at Fair Park.
The full city council may vote on the plan later this month.