Astrodome convention center proposal creeps forward
KTRH-740's Brent Fuller was early to report that Harris County Commissioners Court unanimously approved a letter of intent by a private group that hopes redevelop the Astrodome:
Today, commissioners formally approved a letter of intent which allows the corporation to begin design work. They must present final plans to commissioners within the next six months before construction can start.
The outline of the deal includes a "convention-oriented hotel" with at least 1,000 rooms, entertainment attractions, restaurants and other amenities. A 2,100 space parking garage would be included.
The Chronicle's Bill Murphy adds these details:
The letter of intent states that by March 2007, Astrodome Redevelopment must obtain financing and the approval from Reliant Park's tenants, the Houston Texans and the Houston Livestock Show and Rodeo. Hotel construction would begin at the earliest late next year.
The county would lease the Dome to Astrodome Redevelopment for 50 years and give it an option to extend the lease another 20 years.
Astrodome Redevelopment would pay the county $2.5 million in rent annually and 2 percent-3 percent of gross revenues.
The letter of intent prohibits Astrodome Redevelopment from operating a casino or sexually oriented businesses.
That bolded portion remains the key. Public money has been ruled out, and it is difficult to imagine that sensible investors will want to have anything to do with this highly questionable venture.
Of course, it was also difficult to imagine that anyone would let Lee P. Brown run a bank after his disastrous reign as Houston's mayor, so perhaps we'll be surprised in this case also.
Tom Kirkendall has previously expressed skepticism about Astrodome Redevelopment's fantastic plans.
BLOGVERSATION: Lou Minatti.
Posted by Kevin Whited @ 08/22/06 09:57 PM | Print |
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