TYLER (KYTX) - Tyler City Council voted unanimously to enter into a professional services contract with Garfield Traub Development, L.L.C. to bring in a new hotel conference center to Tyler Wednesday morning.
"The hotel conference center would be a public-private partnership with 66 percent of the funding coming from private investment," said Tyler Mayor Barbara Bass. "Only a small portion of this project would be public funds, and those would come from hotel tax revenue."
The budget for the project is not finalized but it is estimated to be around $50 million according to the press release.
The conference center hotel is expected to generate $600,000 per year in new hotel occupancy tax income for Tyler.
Construction is expected to begin March 2016, if all goes according to plans
City Council also heard a presentation about Tyler's comprehensive plan five-year update known as Tyler 21 and renamed it Tyler 1st.
According to City Planner Heather Nick, City Council thought it would be a good time to rebrand the plan with a name that better reflects Tyler.
"Tyler is first in so many ways that we felt it was very apropos. Also, the Tyler 1st name demonstrates how committed we all are to our community," Nick said.
The plan calls for annual reports to City Council on the status of implementation as well as a comprehensive review every three to five years to revisit the vision, goals and principles.