(rshsdepot) Fort Worth, Texas, Officials Look to Convert Train Station to Upscale Hotel

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Fort Worth, Texas, Officials Look to Convert Train Station to Upscale Hotel=20

By Ginger D. Richardson, Fort Worth Star-Telegram, Texas
Knight Ridder/Tribune Business News=20

Apr. 18--FORT WORTH, Texas--

City officials said Tuesday that they support converting the Texas & Pacific=
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Terminal Building into an upscale hotel, but the project may cost too much.=20
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Developers of the T&P building, located at Lancaster Avenue and Throckmorton=
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Street, want the city to create a special authority to help finance the $50=20
million renovation and hotel construction project with tax-free bonds.=20
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Under the plan, the authority would own the hotel and the developers would=20
hire a hotel management company to run it. Within 10 years, the hotel could=20
revert to private ownership and go back on the tax rolls.=20
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But city officials said their first priority is paying for the proposed Fort=
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Worth Convention Center hotel, which is estimated to cost between $70 millio=
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and $80 million and is scheduled to be open in late 2003 or early 2004.=20
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The T&P developers "are going to submit a financial plan," Assistant City=20
Manager Mike Groomer said. "If it works, and doesn't interfere with our=20
ability to do the Convention Center hotel, then it sounds like a great idea.=
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"But we try not to put the city in a position that doesn't make good=20
financial sense."=20
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Preliminary plans for the T&P building call for the 1931 art deco structure=20
to be turned into a four-star, railroad- themed hotel of 290 to 330 rooms.=20
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Wyndham Hotels & Resorts has expressed interest in operating the facility,=20
which could open in late 2002 or early 2003, developers Ed Casebier and Tom=20
Blanton said.=20
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Casebier and Blanton said they would be willing to put up about 20 percent,=20
or $10 million, of the project's costs, but that the city-created authority=20
would have to assume the rest of the debt for the tax-free bonds.=20
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The council's economic development committee is expected to discuss the=20
proposal in a few weeks.=20
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"We want to be supportive," said Councilman Jeff Wentworth, who is chairman=20
of the committee. "It just all depends on what the financial request is."

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