Council, on a 7-2 vote, directed its city manager to start the wheels rolling to hire a construction manager and architects, buy land from Tarrant County College, proceed with a $130-million certificates sale and finalize a management contract with Hilton Hotel Corp. Each step of the multifaceted directive must return to council for final approval.
Pat Svacina, Fort Worth's spokesman, told GlobeSt.com that council was swayed by the multitude of studies collected in the past year as well as input from several convention leaders. "Fort Worth has a convention center, but it doesn't have the hotel rooms. They said they won't come to Fort Worth unless there is a hotel," Svacina said.
Last night's opposition included the heads of the Renaissance and Worthington hotels, which includes Ed Bass who just three days ago wrote a guest column in the Fort Worth Star-Telegram claiming the financing plan put the city at too great of a risk. The certificates of obligation, though similar to bonds, do not require approval by the tax-paying public for council to go to market. The certificates sale, project size and cost and hotel demand are the stickling points with the opposition camp.
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