Weatherford Democrat

Top News

February 8, 2014

Baker Hotel’s redevelopment close to reality

Mayor and City Manager discuss the City’s plan to finance its portion of the Baker Hotel renovation and how it won’t raise taxes


“It’s just financing, that’s all it is,” Howerton said. “It’s like going out and borrowing money for a house or car. It’s just the way that cities borrow money, basically.”

Based on tax revenue from 2013, Howerton said under this plan the city would only have to make up about $300,000 from the general fund to pay off the bond. With a 1.375-percent sales tax, he said the city would need about $270 million in taxable transactions to close that gap, so, it’s not something he feels is a major concern, especially if the economy continues to grow.

Mayor Mike Allen said the plan will be presented to the public at a regular city council meeting on Feb. 18. The council will then vote the following week, Feb. 25, to approve an ordinance calling for this relocation of tax dollars to be placed on the public ballot for the general election in May. If voters approve the plan, then city officials can move forward with reallocating tax dollars and structuring the bond issuance.

“This is kind of the real linchpin to this whole project,” Howerton said of the 4B sales tax. “It’s a very critical piece of the financing. It brings additional equity money into the project because the sales tax is paying this debt, not so much the project itself.

“It also – from the standpoint of the developers – is important because it speaks to the commitment of the community to want to partner with this project and ensure that this project moves forward. For a project of this magnitude, both in scope as well as cost, the developers are pulling financing from every plausible area.”

Allen also spoke to the importance of the vote and the council’s desire to formulate a plan that causes the smallest possible impact on the taxpayers of Mineral Wells.

Text Only
Top News
Must Read
Top News
House Ads
AP Video
Obama Chides House GOP for Pursuing Lawsuit New Bill Aims to Curb Sexual Assault on Campus Russia Counts Cost of New US, EU Sanctions 3Doodler Bring 3-D Printing to Your Hand Six PA Cops Indicted for Robbing Drug Dealers Britain Testing Driverless Cars on Roadways Raw: Thousands Flocking to German Crop Circle At Least 20 Chikungunya Cases in New Jersey Raw: Obama Eats Ribs in Kansas City In Virginia, the Rise of a New Space Coast Raw: Otters Enjoy Water Slides at Japan Zoo NCAA Settles Head-injury Suit, Will Change Rules Raw: Japanese Soldiers Storm Beach in Exercises Raw: Weapons Fire Hits UN School in Gaza Raw: Rocket Launches Into Space With Cargo Ship Broken Water Main Floods UCLA Two Women Narrowly Avoid Being Hit by Train Crayola Announces Family Attraction in Orlando

The City of Weatherford is considering an ordinance that would ban smoking inside restaurants and enclosed areas where food is prepared, sold or consumed. Do you agree with this proposal?

Don't care
     View Results