San Angelo OKs $41.6M Coliseum Bond, Rodeo Partnership

SAN ANGELO, TX — San Angelo City Council on Tuesday approved the sale of up to $41.6 million in taxable general obligation bonds to fund improvements to the San Angelo Coliseum, clearing the way for renovations voters supported in a May election.

Vince Vialle, a financial advisor with Specialized Public Finance Inc., told the council the bonds were sold through a negotiated sale on Monday, securing an interest rate of 5.418 percent. The bonds, structured for a 20-year term with a 10-year call option, are scheduled to close Aug. 14, when the city will receive the funds.

Standard & Poor’s, a major credit rating agency that evaluates the financial strength of governments and businesses, reaffirmed San Angelo’s AA rating, while Fitch Ratings assigned the city a AA+ grade. Vialle said he was pleased with the interest rate the city secured in the negotiated sale.

“I was very pleased with the interest rate that we got,” Vialle said. He added that the city saw “a lot of local participation from commercial banks,” and noted it was “somewhat uncommon to see local investors participate in municipal underwriting or bonds of this nature.”

Revenue from the bonds will pay for expanding the Coliseum’s seating capacity from 5,000 to more than 10,000 seats, adding accessible seating, improving safety features, and upgrading restrooms and other infrastructure at the fairgrounds.

Following the bond vote, the council unanimously approved establishing the Coliseum renovation as an economic development program under Chapter 380 of the Texas Local Government Code. Under the plan, the San Angelo Stock Show and Rodeo Association will enter a long-term exclusive lease to operate and manage the Coliseum.

Brandon Dyson, newly appointed city attorney, told the council the agreement will transfer day-to-day operations and event management to the Rodeo Association, with rent payments to the city tied to ticket sales. The group will also share maintenance responsibilities and cover any construction costs that exceed the bond-funded budget.

Dyson said he believes the renovations, including increased seating, will help the Coliseum host additional events beyond the stock show and rodeo.

City leaders said the arrangement mirrors previous partnerships, such as the Performing Arts Coalition’s management of the Municipal Auditorium. It was said that the city will retain the ability to reserve dates for its own events under terms still being negotiated.

The council’s votes on both measures were unanimous.