EDMOND — City council members will spend $2 million on the infrastructure for a new hotel and conference center at Interstate 35 and Covell Road.
City officials have agreed to spend up to $11 million for the construction of the hotel and conference center and sports complex to promote economic development and increase sales tax collections.
The agreement with Covell-35 Development approved this week commits the city to spend $2 million on water, sewer, storm sewer and street improvements. Any expenses that exceed $2 million on the project, called Cross Timbers Park, will be paid by the developer.
The $2 million will come from sales tax collections approved by voters in 2000 for capital improvements.
“Our goal is to have a hotel and conference center developed on this site,” said Assistant City Manager Steve Commons.
City officials earlier spent $2.2 million for 7.1 acres on the northwest corner of I-35 and Covell Road where the hotel and conference center will be built. That money came from the real estate property fund, which comes from interest money on the hospital trust fund designated to buy property.
There will be two more agreements to come before the council. One will be for a 20,000-square-foot conference center and 165-room, full-service hotel, which is the first of what is expected to be a 300-acre development on the three corners of that intersection.
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