Dallas’ vision for building a new convention center may include approving a $1 billion dollar loan to make it happen. NBC 5’s David Goins reports the city council will get a look at the proposal later this week.
The city of Dallas is proposing a $1 billion bridge loan to expedite the $3.34 billion Kay Bailey Hutchison Convention Center project ahead of the 2026 FIFA Men's World Cup.
According to city materials, the loan would allow the city to reduce interest costs from initial financing and provide immediate funds to enter contracts and pay vendors.
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WATCH HERECity representatives will present an update on the project's master plan to the City Council on Wednesday. District 9 Council Member Paula Blackmon told NBC 5 she seeks clarity on the proposed billion-dollar loan scheduled for a council vote on June 11.
"I guess the question is, why a billion dollars, right?" Blackmon said. "We need checkpoints along the way to make sure that we, you know, that drawdown credit is happening appropriately. And we're being briefed on what it is being used for, so it's not just an open checkbook."
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"There's some major renovations that we've talked about that need to happen," she added. Blackmon added that the convention center upgrades are slated before FIFA occupies part of the convention center in January.
