Mineral Wells Index, Mineral Wells, TX

Top Stories

February 6, 2014

Funding the Baker

Mayor and City Manager discuss the City’s plan to finance its portion of the Baker Hotel renovation and how it won’t raise taxes

By CLINT FOSTER

As the Index has reported, Mineral Wells is currently in the thick of a effort to kick-start an unprecedented effort to revive the city’s most iconic and historic structure: the Baker Hotel.

Spearheaded by Southlake businessman Laird Fairchild of Hunter Chase Capital Partners, the Baker Hotel Development team has been creative in gathering the necessary financing for this $56-million project – that has been six years in the making – from a variety of sources. A whopping 84 percent of the budget is made up of federal and state incentive capital in the form of federal and state historic tax credits, federal new market tax credits and an Environmental Protection Agency grant for lead and asbestos abatement, just to name a few.

The Baker Development team has successfully secured all but $4 million of the project’s budget: a sum the City of Mineral Wells has obliged to cover by means of a 4B Economic Development Sales Tax. The City plans to establish what’s called a “Development Corporation” that can issue a $4 million bond, which the City can then pay off over a period of time with a portion of sales tax revenue. But the beauty of this plan, City Manager Lance Howerton explained, is that it won’t cost the citizens of Mineral Wells an extra dime.

“We’re not suggesting an increase in the sales tax rate, but reallocating the sales tax,” he said. “Essentially what you’re looking at is whatever is collected against the sales tax goes to pay those bonds off.

“So your property tax is not used to pay off these bonds.

“You’re not ‘pledging’ that, as they say. It’s a big difference.”

The City of Mineral Wells currently levies a 1.5-percent sales tax and has done so since 1989.

“Last year, this generated $3.7 million in revenue – all of which went to the City’s general fund – from $250 million in taxable transactions. City officials are suggesting merely pulling 1/8th of a cent out of the 1.5 cents of regular sales tax and putting that money toward paying off the investors that purchase the $4 million dollar bond to finance the Baker’s revitalization.

Text Only
Top Stories
  • 143_20121228_20586-Edit.jpg Taylor Albin: Boss clown

    It is always good to be the boss – including when you are a circus clown.

    July 31, 2014 1 Photo

  • marauder Chris Snapp.jpg Zombies take over downtown

    Thursday and Friday parts of downtown Mineral Wells will succumb to an invasion of plague-stricken, blood-thirsty marauders.

    July 30, 2014 2 Photos 1 Link

  • 0720 one geese IMG_0387.jpg Wild goose hunt?

    A large flock of Canadian geese that have roosted at Holiday Hills Country Club might have management stuck like a duck.

    July 29, 2014 1 Photo

  • 0731 TFT stage.JPG Setting the stage

    Texas Frontier Trails is, well, once again on the trail.

    July 29, 2014 1 Photo 1 Link

  • budget cover.jpg Optimism in numbers

    Next year's proposed budget seeds optimism for Mineral Well's growth.

    July 29, 2014 1 Photo

  • Hearing set for second fire district proposal

    PALO PINTO – Palo Pinto County Commissioners set a date for a hearing to place a petition on the Nov. 4 general election ballot to create a second Emergency Services District.

    July 29, 2014

  • Inquiry made on housing children at CCA

    An inquiry about housing at the former Corrections Corporation of America facility at Wolters Industrial Park some of the thousands of unaccompanied children who have crossed illegally into the United States seems to be nothing more than that, at least for now.

    July 28, 2014 2 Stories

  • Woman killed in one-vehicle wreck

    SALESVILLE – A Mineral Wells woman died Friday after she crashed her car into a brick retaining wall near Hilltop Road.

    July 28, 2014

  • bryan joyner1.jpg Back on the beat

    It is never too late to start a music career – or restart one as the case may be. For Mineral Wells High School Class of 1989 graduate Bryan Adam Joyner, restarting his is the case. He is once again making a strong push to get his music into the mainstream while performing wherever he can.

    July 27, 2014 1 Photo 1 Link

  • FLIPPED TEACHING

    Teenagers seem to voraciously consume YouTube videos, whether watching Miley Cyrus and Pharrell’s latest pop music sensation, Jimmy Fallon and Dwayne “The Rock” Johnson’s workout spoof or skateboarders wiping out.

    July 27, 2014

Featured Ads
SmugMug


Click on a photo to see our SmugMug photos

Seasonal Content
AP Video
Florida Panther Rebound Upsets Ranchers Small Plane Crash in San Diego Parking Lot Busy Franco's Not Afraid of Overexposure Fighting Blocks Access to Ukraine Crash Site Dangerous Bacteria Kills One in Florida Workers Dig for Survivors After India Landslide Texas Scientists Study Ebola Virus Smartphone Powered Paper Plane Debuts at Airshow Southern Accent Reduction Class Cancelled in TN Raw: Deadly Landslide Hits Indian Village Obama Chides House GOP for Pursuing Lawsuit New Bill Aims to Curb Sexual Assault on Campus Russia Counts Cost of New US, EU Sanctions 3Doodler Bring 3-D Printing to Your Hand Six PA Cops Indicted for Robbing Drug Dealers Britain Testing Driverless Cars on Roadways
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Stocks
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.