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Council approves bridge loan authority and initial GMP for downtown convention center expansion
Summary
Council authorized a short-term bridge loan mechanism and accepted a guaranteed maximum price for the first construction package to keep the Convention Center master plan on schedule for FIFA and other commitments; members debated project scope, cost uncertainty, and oversight.
The Dallas City Council on June 11 approved authority for a short-term bridge financing instrument and accepted a guaranteed maximum price (GMP) for the first construction package (Component 1) of the Kay Bailey Hutchison Convention Center master plan.
The council authorized the city to enter a bridge loan arrangement (not to exceed $1 billion) to provide interim cash flow while the city prepares to issue long-term bonds next year. Staff described the bridge loan as a standard industry tool that enables the project to…
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