AUSTIN (KXAN) — The City of Austin is one step closer to creating a Tourism Public Improvement District (PID) to help bring in new revenues while the Austin Convention Center is under construction. The city council signed off on the service plan Thursday.

It will go before hotels within Austin’s city limits for approval before it’s brought back to the council for a final consideration later this fall.

Under the plan, Austin hotels with at least 100 rooms would be taxed 2% of the gross room revenue.

Money generated would be used to try to attract new events to Austin and bring more tourism revenue into town, as well as fund improvements toward safety and homelessness issues.

Austin City Council member Zohaib “Zo” Qadri spoke on the plan.

“I know we’ve been working on this thing for years and years and years, and that’s why I’m so glad we’re finally at the finish line,” Qadri said.

In a statement, the Austin Hotel & Lodging Association said the PID, which would run for 10 years, would provide funding for supplemental tourism marketing and sales activities.

Construction on the Austin Convention Center is slated to start in 2025, with the new building poised to open before the 2029 South by Southwest festival.