Lakeway, Texas Development News
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Development News from the latest meeting
City Council Approves $2 Million in Hotel Occupancy Tax Funds for Lakeway Resort Renovation, Postpones Marina Funding Decision
The City Council discussed and approved a request for $2 million in hotel occupancy tax (HOT) funds for Trestle Studios to renovate the Lakeway Resort and Spa. The funds will be disbursed over three years and are intended for historic rehabilitation, signage, and a comprehensive marketing campaign. The council also approved a request for $1.145 million in HOT funds for the Lakeway Marina for renovations to its building, parking, and boat launch, also disbursed over three years. While the council unanimously approved the funding for the resort, they postponed a decision on the marina funding to a later date, citing a need for more detailed financial information and a desire to separate the marina's request due to concerns about its eligibility under HOT fund statutes for certain improvements.
City Council Addresses Budget Shortfalls, Reviews Committee Requests, and Considers Fee Increases
The City Council reviewed the financial report for the fiscal year, noting a shortfall in permit revenues and a projected budget gap of approximately $1.6 million for the upcoming fiscal year due to slower growth. The city manager presented a video highlighting Lakeway's population growth and changing revenue landscape. The council also heard budget requests from various committees, including the Arts Committee ($99,622 requested, with a proposed $27,000 from the general fund after applying HOT funds) and the EDC ($16,500 for social media, business networking, and database improvements). The budget discussion also touched upon the proposed changes to credit card processing fees, aiming to pass these costs onto users rather than absorbing them from the general fund, and a review of various city fee schedules, with proposed increases for permits, zoning changes, and activity center usage to better reflect costs and recover expenditures.
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