WICHITA FALLS, TX (KAUZ) - Gatehouse Capital's struggles in securing a loan for a new DoubleTree hotel in Wichita Falls is, once again, delaying the project.
On Tuesday, city councilors tabled an ordinance granting $7.6 million in Certificates of Obligation for the conference center.
Last month, City Manager, Darron Leiker, said the city has all its money ready to go for both projects.
They are now just waiting for Gatehouse Capital to get a loan for their portion of the project.
He said they don't want to approve funding for the conference center with the developer's funding not set in stone.
"We are running these on a parallel track," Leiker said. "So we need to make sure that the progress is even. And we don't want one piece of it to get too far out in front of the other."
"Yes we would have liked to see it done yesterday," he added. "But these kinds of things don't happen that way. And we want to make sure everything gets done properly and in order."
The ordinance was tabled until the September 5th meeting.
Leiker said they are optimistic everything will be ready to go by then.
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