Destination Bayfront Could Bring in Millions for the City
CORPUS CHRISTI (Kiii News) -
City Engineer Dan Biles said the City of Corpus Christi stands to make millions if Destination Bayfront becomes a reality.
City Council has until August to decide whether the project should be put before voters in November. Residents are being asked to fund the $69 million project, but what hasn't been reported is that Destination Bayfront is forecasted to bring in over $100 million a year in new monies.
The City itself would see about $4.5 million in sales tax and property taxes each year.
"Conceivably, the City could raise revenue in 20 years to offset the cost of the park, although that growth that was projected is over time, so you have to take that into consideration as well," Assistant City Manager Oscar Martinez said. "But there's no doubt that if you improve property, it does spur or activate economic development. We know that, but to what degree? That's what we're unsure about."
Biles recently compiled the figures. He also said that, if the park is built, there is a private endowment that may be able to pay at least 50-percent of the annual cost to maintain the park.