On Thursday night (December 8th), the Irving City Council voted in favor of notifying the Las Colinas Group that it is able to commit a $170 million package.
The vote passed 6-3 with the three dissenting votes coming from Mayor Beth Van Duyne, who has always opposed the project, council members Gerald Farris and Joe Philipp
After voters approved the project, the council was contractually obligated to provide Las Colinas Group an estimate of its contribution by December 2011.
According to Las Colinas Group, “The critical mass resulting from the mix of outdoor plazas, promenades and patios connected to 11 different dining concepts and 9 live music stages will draw Irving residents, convention center attendees and regional, national and international visitors."
"Along with the 5,200 seat (7,000 person capacity) Big Show, the public areas will allow for major festivals (much like Jazz Fest in New Orleans, or the CMA Fest in Nashville) drawing as many as 25,000 people at a time from around the country. The Venue will generate approximately 2,000 jobs and 3.5 – 4.0 million visitors per year."
The City Council had a long discussion where city financial officials and some City Hall employees informed the Council that they didn't think that the city could afford such a large bond package.
Supporters of the entertainment center justify the cost with the benefit it would bring the city.
"[The Entertainment] project will give us something to do in Irving. We will again have a sense of pride. 2,000 jobs and will keep businesses in Irving that pay 70% of our tax base so we do not have high residential taxes.", a supported said.
Some have pointed to the success that Arlington has enjoyed with their entertainment additions.
After passing this resolution, the council will now decide how much to finance once it tests its options on the bond market. That estimate and vote are expected to occur in next month's meeting.
