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Moments ago, Assistant City Manager A.C. Gonzalez announced a GMP (Guaranteed Maximum Price) for the convention center hotel of $356 million to the council’s Economic Development Committee, which will be voted on by the full council in January, along with a final development agreement with Matthews Southwest. This number represents the ceiling for costs related to constructing the hotel and does not reflect the amount of the bond issuance for the project, which will also be voted on next month.
The funds added into the bond issuance will include $42 million to repay the certificates of obligation on the land for the hotel, $50 million for a reserve account, and approximately $58 million for bond fees and capitalized interest, which is money the city will use to pay back the bonds while the hotel is under construction. More info, if anything else of relevance pops up, when I get back from 1500 Marilla. –Sam Merten
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