Prop 3 Passes And Many Ask, Now What?
Downtown El Paso is about to get a face lift. Now that voters have approved the Quality of Life Bonds, the work is about to begin.
Not only is the city getting a new baseball stadium, it will also welcome a multipurpose arena, parks and zoo improvements, and a children's museum, among others things.
City manager, Joyce Wilson, will begin discussing financing options for Props 1 and 2 with her staff. The city wants to make sure that paying for these projects won't significantly raise taxes. Wilson will then appoint the Bond Oversight Advisory Committee to make sure the projects are done the way they were promised.
As for Prop 3, city council will now need to authorize the 2% hotel tax increase. Hotels will then begin charging guests the extra fee. Within the next few months, the city plans to sell $50 million in bonds, which is how much it will cost to build the stadium. The majority of this debt will be paid using the hotel tax increase.