Tuesday, the El Paso Downtown Development Corporation received a stadium financing update showing the refinancing of bonds approved by City Council in the summer of 2016 will save the taxpayers almost $11 million compared to projections made at the time the bonds were originally issued in 2013.
In addition, the 2% Hotel Occupancy Tax (HOT) revenue has increased faster than original projections, adding another $6 million dollars to the improved stadium financing projections.
“Before refinancing in 2016, the total excess of revenue over debt service expenditures was projected to be $1,046,000 by the year 2043. With the refinancing of the bonds and the newly projected HOT revenue, the estimated excess of revenue over debt service is now $18,022,000,” said Chief Financial Officer Dr. Mark Sutter.
The other benefit of refinancing and revised HOT figures is that the new projections show the last annual general fund subsidy to the debt service should occur in 2022 instead of 2024.