By BJ Austin, KERA News
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-844569.mp3
Dallas, TX –
Dallas is ready to sell 514 million dollars to build a downtown convention center hotel. KERA's BJ Austin says the vote to "pre-approve" the bond sale was unanimous.
Dallas City Council member Angela Hunt voted to approve the bond sale - even though she had been highly critical of the financing structure of the hotel, and cast NO votes in the past. Hunt says a change in the hotel's reserve fund better protects the taxpayer.
Hunt: I'm extremely please that the new way that this has been developed is that there is no requirement that taxpayers replenish the reserve account. And that to me is extremely critical.
The "pre-approval" will allow the city to sell the bonds immediately when market conditions are right. That means an interest payment of no more than 5.5%. Mayor Tom Leppert says he's optimistic the city can do that and better soon. The hotel is expected to open in 2012.