By DINA ARÉVALO
Port Isabel-South Padre Press
During a special meeting Tuesday morning, the Cameron County Commissioners’ Court approved the issuance of venue tax bonds in an amount not to exceed $10 million.
The court arrived at the seven digit figure after a protracted discussion with Dave Gordon, a representative from their bond counsel, financial firm Estrada Hinojosa.
Last November, Cameron County voters approved two venue tax propositions which allowed the County to begin collecting an additional 2 percent in hotel occupancy taxes (HOT) from short term rentals throughout the County. The City of South Padre Island also approved a 2 percent increase in HOT taxes there, bringing their collections to 16.5 percent. With a state-mandated cap of 17 percent, the County will only collect 0.5 percent in additional HOT taxes from South Padre Island so as to not exceed the cap.
The two venue tax projects approved by voters include an amphitheater and multipurpose facility to be constructed inside Isla Blanca Park on South Padre Island, as well as an ecotourism project, Gordon explained.
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