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Odessa hotel and convention center in new downtown project
Odessa officials envision a 78,000 square foot convention center and a 150,000 square foot Marriott hotel with 219 rooms as the centerpiece of a $30.8 million city backed downtown revitalization. The plan draws $16.6 million from hotel motel taxes, $6 million from sales tax revenue, and $8 million from the Odessa Development Corporation funds. The Boffs would invest about $7 million upfront with a $40 million Prosperity Bank loan, and the city would lease the center and part of the parking garage to them for minimal terms. Tax revenue from the project is projected to cover ongoing costs, with profits earmarked for future downtown development if and when the hotel becomes profitable. The deal awaits final agreement and council approval with design to start within months and opening targeted for early 2019.