EDMOND — Six agreements that will give Edmond a full-service hotel and conference center and a sports complex are being drafted and negotiations finalized. City officials hope to have the deals signed by the end of October.
Capital Projects and Financing Task Force members reviewed the terms of the agreements this week during a special meeting.
City officials are proposing to spend $11 million on the deals for the developments at Covell Road and Interstate 35. The money will come out of a sales tax passed in 2000 for capital improvements. The task force oversees the money.
Building a conference center in Edmond was discussed in Edmond Economic Development Authority minutes in the 1970s, said Executive Director Janet Yowell.
Since 2005, there have been four studies about the feasibility of building a conference center, what size is needed and a location.
The developments on the table will be private-public partnerships. City leaders say the two projects will bring in economic development for Edmond and more sales tax money.
Council members have purchased 7.13 acres of land on the northwest corner of the interstate and Covell Road for $2.2 million using the real estate property fund, which comes from interest money on the hospital trust fund designated to buy property.
Plans are for Covell Partners in Development LLC to build a 160-room Hilton Garden Inn with a restaurant, lounge or bar, pool and fitness room. The projected cost of the rooms is $142 a night. The conference center will be about 20,000 square feet with banquet facilities for up to 800 people.
City officials are proposing to pay $4.8 million on the conference center, which the city will own.
Covell Partners will manage the day-to-day operations and pay all the utilities. In return, the city is proposing to pay from $173,720 the first year up to a maximum of $256,350 in year 15 for management fees.