Commissioner Allan Rhodes introduced the ordinance, which if approved will authorize $4.325 million in general obligation bonds to be issued by the city to help pay for the new $19.2 million Hilton Garden Inn, which will be built where the Dome Pavilion currently sits for part of the year to serve the Convention Center.
The new seven-story, 121 room facility will serve the Convention Center for all events and meetings held there. It will also sport a restaurant, lounge and will be attached to the Convention Center via a skywalk over the floodwall.
Developers say construction should begin later this year, with completion expected in late 2015. Mayor Kaler said the vast majority of the city's investment in the project will be recouped in little more than a decade. "96 percent of the funds the city invests in the bonds will be returned within twelve years." Kaler said.
The commission will vote on the proposed ordinance at its next meeting.