DENISON, TX - It’s been months in the making and now Denison city leaders have unveiled a plan to boost Denison's economy. The announcement was made just this afternoon mystic Matthews has details about the new project and how it will benefit the area.
Denison city leaders say they plan on building an upscale hotel and conference center, capable of hosting hundreds of guests.
It will be called 'The Gateway at Southpoint' and officials promise the new facility will bring more business and jobs to the area.
The project has been in the works for more than a year and half, but county leaders like Commissioner David Whitlock have kept it quiet until now.
Whitlock says, “It's an extra big day for Grayson County, and Denison. They have been needing something like this for a long, long time."
The 17,500 square foot conference center and six-story, 150 room hotel will be built at the corner of FM 691 and Highway 75.
It is an impressive facility that Mayor Robert Brady says will bring more people to Denison. "With the hospital coming on and talk at the airport, this gives us something else to market for the area."
Officials say to support a project of this magnitude, they've entered into a public/private partnership with 2nd Century Investments and Gateway Hospitality Group.
The Denison Development Alliance unanimously approved $1,000,000 in site improvements and infrastructure and $200,000 for a five-year marketing plan.
The city council unanimously approved a five-year 100% tax abatement for the hotel and a 50% tax abatement for the property.
City Councilman Jim McClure says the city has given up some incentives to get the project here, but says it is worth it. “If you want to dance with the big boys and the big business, you'll have to help bring some of them into town."
Whitlock says, “Gateway is something we can all be proud of. Denison has been needing a shot in the arm and I'm proud to be a part of it and I think it is great."
No word on an exact date that construction is set to begin but developers expect the project to be finished by August of 2009.