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Rumor versus Fact
Rumor versus Fact
Rumor versus Fact: Keep up to date on the latest information that aims to dispel inaccurate information about recent City initiatives and community concerns.
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Homeowners’ property taxes are going up because of the Performing Arts Center.
Posted on January 29, 2016 at 4:26 p.m. by Web Admin
No general fund tax dollars will be spent on the Smart Financial Centre at Sugar Land, a project identified by residents. A 2007 Citizen Visioning Task Force included a performing arts center among its cultural and entertainment venue recommendations.
In a 2008 special election, voters authorized the 4A Corporation as the primary funding source to utilize sales tax revenue to fund the Performing Arts Center. Based on this approval and the City’s goal to create a financially feasible, operationally self-sustaining venue, the estimated $84 million Smart Financial Centre will be funded through a unique package of special funding sources.
The City’s partner, ACE, will make a $10-million equity contribution to the project.
A portion of 4A Corporation sales tax revenues that may only be used for economic development purposes and a portion of hotel occupancy tax funds that are restricted to tourism initiatives will be dedicated to the project.
Rent revenues generated by the facility will also fund the Performing Arts Center.
A feasibility study conducted shows the Smart Financial Centre alone will provide an annual benefit to the Sugar Land community of $26.1 million or a return of $572 million during 30 years. The studies also supported that the performing arts venue in Sugar Land will promote capital investment, create new jobs, enhance educational opportunities and create unique destination activities attracting local and regional visitors.
The economic development strategy for the venue was structured to establish Sugar Land as a destination location for culture and entertainment as well as creating an amenity that is commercially self-sustainable.
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