And Here's How We'll Pay for the Convention Center Hotel
For those who like to get a jump on their city government's weekly doings, here's one of the agenda items for tomorrow morning's meeting of the city council's Economic Development Committee: the plan for purchasing the land necessary to build the convention center hotel Mayor Tom's rushing through without explaining why the city's willing to spend up to $41.3 million on land valued at $7,345,640. Turns out, city staff tomorrow will recommend to the committee that the city issue $41.3 million in certificates of obligation, which would "be refunded with the sale of revenue bonds for the Convention Center Hotel or the refunding/restructuring of the Convention Center’s existing debt." In other words, the city will issue bonds without asking the voters' permission.
The doc also says this sucker's on the fast track: Should the committee approve the staff's recommendation, it'll go before the full council by February 27. And there's no reason to think it won't fly with the committee: As Sam noted last week, Mitchell Rasansky's the only council member on the Economic Development Committee who voted against spending $500,000 on a down payment for the property. Said Rasansky, the convention center hotel plan is “extremely flawed.” Which is much nicer than what Harlan Crow said. --Robert Wilonsky
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