The city of Lubbock wants to build another facility to hold business conventions. They already have one at the Civic Center in Downtown Lubbock. But this one will be attached to an "upscale" hotel that is being built next to The Centre Apartments across from Jones SBC Stadium. Mayor Pro Tem Tom Martin says the city already has a plan how to pay for it all.
It looks like dirt now, but in two years, Martin says it will be a high-rise first class hotel. A hotel which will be a tax paying entity, rolling in approximately $40 million to the tax roll. With those kind of numbers, Martin says the hotel's taxes alone will pay for the brand new business convention facility. "There's no money coming in from any other source. Nobody in Lubbock is paying for it. It's simply the taxes generated on that new investment in Lubbock that will provide the meeting space along with the hotel itself."
Martin says through bond money, they also plan to expand the Civic center. It is a place where business conventions are already held. City staff says the space is usually all booked and the need for more space is there.
At Thursday's City Council meeting, the council will decide if they want to enter into an agreement with the Dallas developer.
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