Council approves bonds, loan for College Station

Council approved a bill that would allow the city to loan $3 million through the Community Development Block Grant program to College Station developer Scott Tillman for construction of the retail and entertainment venue. The loan is authorized through the city’s Section 108 Loan Guarantee Funds.

Tillman would repay the loan with sales tax revenues generated by a Community Improvement District and a Transportation Development District, both previously approved for College Station.

Council also heard second reading and approved the issuance of $8.8 million in bonds for construction of College Station’s 360-space parking deck. Council earlier this month accepted DeWitt & Associates’ bid for the project.

Mayor Tom Carlson noted at the meeting that the College Station project is only possible because of the city’s “seasoned staff” that can navigate the ins-and-outs of financing.

“There was a time when we weren’t undertaking these kinds of projects,” he said. “There was a time when we were only expected to provide traditional government services.”

For the third meeting in a row, council last night also tabled an amendment to the College Station development plan pending necessary paperwork. The city has said it anticipates beginning construction by the end of the year.

See SBJ's Dec. 4 issue for more on this story.