WICHITA FALLS, TX (KAUZ) - Wichita Falls is taking it's first steps towards issuing a 20 year, $7.6 million dollar Certificate of Obligation for a convention center next to the MPEC and possible Double Tree Hotel.
The next step is to pass a resolution on the details of financing the convention center and to officially borrow the money.
That is expected to be voted on at the June 20th meeting.
Deputy City Manager, Jim Dockery, said the city has been working on the project for a two years and is happy with the progress.
"It's exciting to start to see a culmination of all of that work come to reality," Dockery said. "And get the financing in place to make this project happen."
The Certificate of Obligation is just for the convention portion of the project.
The city would finance their portion of the new full service hotel with a loan around $11 million dollars.
That would not result in a tax increase for residents.