Convention Center Fix-Up OK’d
Monday, September 1st, 2008The city will use $8 million in bond money to remove a leaky fountain and fix the cracked floor on the plaza of the Judson F. Williams Convention Center, but property owners won’t pay for it.
The El Paso City Council agreed to use the revenue of the sale of the bonds to pay for the improvements, and to use the Hotel Occupancy Tax to repay the debt.
“Taxpayers in El Paso are not paying for the improvements,” said William Studer, deputy city manager.
Bonds will be sold over 20 years at an interest rate not to exceed 5.95 percent, which means the city could end up paying up to $14 million.
The higher-than-usual interest — which city officials deemed normal for this type of transaction — bothered West Side resident Ric Schecter, who said the proposed plan was not effective.
“It will cost you ($14 million) to do an $8 million project,” he said. “Certainly, you can find a better way to finance this project.”
City officials, though, said the sale of bonds is a viable way to fix the broken-down fountain near the Abraham Chávez Theatre and the cracked floor of the plaza that came as a result of water leaks in the fountain.
A $20 million expansion and renovation project of the convention center in 2001 included the cracked floor and fountain, but when money began to run out, those two projects were scrapped.
Still, Eastridge/Mid-Valley city Rep. Steve Ortega said getting the projects done is important because they will help the city attract more visitors. “To bring big conventions to El Paso, we need to make sure our facilities are up to par,” he said.
Credits: El Paso Times