The City of Victoria is exploring significant funding options to support upcoming projects, with discussions centered around a proposed venue tax that could generate substantial revenue. During a recent special city council meeting, officials outlined a plan to increase the wholesale occupancy tax by 2%, which is projected to yield approximately $8 million through revenue bonds. This increase is expected to generate around half a million dollars annually.

In addition to the venue tax, the council is considering implementing a daily car rental tax, which could contribute an estimated $3 million in revenue. Conversations with local car rental companies have provided valuable insights into the potential financial impact of this initiative.

The city is also collaborating with Victoria County, which is working on adopting a county hotel occupancy tax. The county judge has committed to allocating a portion of this tax towards the city's projects, adding another $3 million to the funding pool.

Furthermore, the city plans to leverage existing hotel occupancy revenue, potentially increasing the total available funding by an additional $1.5 million. These combined efforts could enable the city to issue up to $35 million in funding for various projects, with $15 million specifically earmarked for capital outlay.

As these discussions progress, the city council is focused on ensuring that the proposed funding mechanisms align with community needs and contribute to the overall development of Victoria. The next steps will involve further analysis of the venue tax and its implications for the city's financial future.