WICHITA FALLS, TX - Wednesday, members of the Wichita Falls 4B tax board got a first look at what could be a new hotel coming to the city.
The city along with Gatehouse Capital presented their plans for the hotel Wednesday morning.
City officials said this should have been in the community for a while.
"It's an absolute necessity now," said Deputy City Manager Jim Dockery. "We're missing out on numerous conventions at our multi-purpose event center because we don't have a full-service hotel in the immediate area of the MPEC Exhibit hall."
Gatehouse Capital, the company the city hired to study the feasibility of that hotel presented their preliminary design and their findings for the 4B tax board. Those members are who make the decision to move on to the next step.
The study found it would be beneficial for the city to move forward. City officials plan to continue to work directly with Gatehouse.
"The city would own the conference center of the space of the hotel and gate house would own the hotel and operate the hotel," said Dockery.
The project comes with a price.
"The city would potentially loaning gatehouse capital approximately $9.6 million for partial cost," said Dockery.
Gatehouse would borrow an additional $18.7. The board approved a 120-day extension with Gatehouse to look further into the cost and design of the hotel.
"The next step is to take what we know and know more," said Colin McDonald who works with development with Gatehouse Capital.
At the end of the 120 days, if the board and city continue to move forward, construction could begin this summer.
McDonald said the city is the perfect place for this project.
"Wichita Falls has some really neat aspects," said McDonald. "This really pulls it all together."
Jim Dockery said the hotel will bring around $74 million in construction dollars and adding new jobs to the community.