The Harris County Houston Sports Authority (HCHSA) is taking advantage of a decrease in interest rates to issue new bonds. This will allow the organization to replace existing bonds with lower interest rates, resulting in savings of approximately $60 million. These funds will then be used for renovations at Minute Maid Park, NRG Stadium, and Toyota Center.
According to the Houston Business Journal, these revenue-refunding bonds are being issued as all three venues are over 20 years old and require significant upgrades. While HCHSA is responsible for funding renovations at Minute Maid Park and Toyota Center due to their lease agreements, NRG Park falls under the jurisdiction of the Harris County Sports and Convention Corp.
Once the new bonds are issued, equal portions will go towards improvement projects at each venue – Minute Maid Park,Toyota Center,and NRG Stadium – providing much-needed upgrades for these important sports facilities in Houston.
