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Kalahari’s efforts at building incentivized water parks have not always panned out.
The whole time, they said… ‘we are going to get this spun up, this industry is coming back. “When you speak to the Nelson family, what you find is they have some real grit to them. “It could have been a precarious time,” said Ball. This does not factor in the debt service payments or the other revenues the City of Round Rock received from Kalahari: the sales tax, mixed beverage tax and state rebates. The City of Round Rock told KXAN Friday as of September, Kalahari has brought in $5,865,041 in hotel and venue tax collections. Those projections are based upon the hotel maintaining a 74% occupancy rate.
The bonded funds would be paid back by state and local tax revenue generated by the resort and water park.ĭespite the tax revenue split, city officials estimate the project will generate $4.7 million per year in tax revenue over the first 10 years of the deal than they would have received without the water park. The city would also issue about $30 million in bonds to pay for upgrades to U.S. In order to build the facility, Round Rock issued $40 million in bonds to construct a 150,000-square foot, city-owned convention center on the property. PAST STORY | Kalahari Resort in Round Rock plans to hire hundreds, hosts drive-thru job fair