BONHAM, TX -- There are big changes on the horizon for the city of Bonham that officials hope will lure business and visitors.
An 8.5 million dollar initiative may be coming to Bonham. The Bonham Economic Development Board has unanimously passed a proposal for two new hotels to be built.
"This is a solid investment for the community. In fact we had a third party economic impact analysis done and they're estimating a pay back in less than two and a half years," said Steve Filipowicz.
BEDCO Executive Director, Steve Filipowicz, says there will be about 120 new rooms between both hotels.
"We don't have the infrastructure. Yet. To host a business traveller or a more worldly traveler," said Filipowicz.
This is the proposed site for the Holiday Inn Express and Reddy Extended Stay Hotels. And if all goes to plan Filipowicz says they could be breaking ground in two and a half months.
The city is already improving the infrastructure -- by widening Highway 121 from Highway 82 to Highway 56.
BEDCO is paying for half the infrastructure, while the rest is expected to paid from hotel ownership and a portion of the city's gain in the hotel/motel tax.
Hotel owner, GK Reddy, sees opportunity in Bonham.
"There are not any good hotels in Bonham and people have to go to Sherman or Paris, so a lot of things are happening in Bonham right now. And I think we started at the right time," said Reddy.
Reddy says the new hotels will also bring in new businesses.
"Restaurants, gas stations, grocery stores, it's like everybody gets a benefit out of that," said Reddy.
The proposal now goes to the city council on Monday for ratification. If approved, the projects should be finished in a little over a year.
"15-18 months, you almost won't recognize the place," said Filipowicz.