Dateline: Amarillo, August 3, 2011 — Wallace-Bajjali Development Partners, LLC and Downtown Amarillo,
Inc. (DAI) today recommended an implementation and funding strategy for Civic Center Area projects that
excludes increased property taxes and municipal funding instruments such as Certificates of Obligation (CO’s)
or General Obligation Bonds (GO’s). Under Wallace-Bajjali’s plan, the three initial projects (Multi-Purpose Event
Venue, Full Service Hotel, Parking Garage) will be paid for by a combination of public sources, private investments
and user fees—and no property taxes. An example of public sources is the existing Hotel Occupancy
Tax, in which proceeds from hotel stays are reinvested in the development of the Multi-Purpose Event Venue
and Parking Garage. (click for details)