OKLAHOMA CITY (AP) - A Texas based hospitality chain will receive $85.4 million in public assistance to build and run a convention center hotel in Oklahoma City.
The Journal Record (https://bit.ly/2uJqnSQ ) reports that the City Council approved in a 7-2 vote Tuesday to cover more than one-third of the $235.5 million construction costs for the Omni Hotels and Resorts project primarily through tax increment financing. The city plans to sell municipal bonds to fund its contribution. The city is expected to pay the sum over 25 years with interest.
City officials say they anticipate recouping at least $50 million through lease payments and tax revenue.
Councilman James Greiner opposed the measure. He says the government shouldn’t be involved in business. Greiner says the arrangement will benefit the city.
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Information from: The Journal Record, https://www.journalrecord.com
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