UPDATED: Thursday, August 22, 2013 - 9:08pm
COLLEGE STATION, Tx (KYLE) — After months of negotiations today A&M officials as well as local county leaders... signed an agreement securing $38 million to help fund the Kyle Field renovations.
President R. Bowen Loftin, Chancellor John Sharp, local county leaders and Representative John Raney were all on hand for the big signing.
As part of the inter local agreement, the county and cities will give A&M three quarters of a percent from the hotel occupancy tax fund over the next 30 years.
In return A&M will allow the cities and the BCS Convention and Visitors Bureau to have preferred access to their facilities for rental.
We're told it's a win-win situation for everyone involved.
"The university wins because first of all they will get money to help with the Kyle Field redevelopment and at the same time they're getting some exposure from all the visitors. And the cities and county will benefit with all the increased visitors to our area."
The agreement goes into effect September 1.
And we're told the BCSCVB already has three major events wanting to book at the university.