Houston Sports Facilities Primed for Upgrades

A dip in interest rates means The Harris County Houston Sports Authority (HCHSA) can issue new bonds. The move will allow the organization to call in outstanding bonds and replace them with new bonds with lower interest rates. HCHSA expects to refinance $353 million of bonds, saving the organization about $60 million and allowing them to put the money into stadium renovations.

The Houston Business Journal reports that the revenue-refunding bonds are issued as Minute Maid Park, NRG Stadium, and Toyota Center are all at least 20 years old and need significant improvements.

While HCHSA is the landlord for Minute Maid Park and Toyota Center — and thus has the obligation to fund renovations at the venues, per the lease agreements — the Harris County Sports and Convention Corp. oversees NRG Park. When the new bonds are issued, the proceeds will be split evenly between Minute Maid Park, Toyota Center and NRG Stadium to help fund improvement projects at the venues.