In less than one month, a new state law takes effect setting up Lubbock to get more than $120 million in estimated new revenue for use on a Civic Center project.
Governor Greg Abbott allowed House Bill 2313 to become law without his signature. It authorizes Lubbock to create a “Project Finance Zone” for three miles around the Lubbock Memorial Civic Center. For 30 years, Lubbock gets to keep any “incremental” or additional hotel tax revenue in the PFZ instead of that money just going to the state.
The official estimate from the Texas Comptroller is $121.7 million between now and 2055. Lubbock can borrow money against that extra revenue and use it for a major overhaul of the Civic Center…