2017 City of Odessa entered a public, private partnership With Eofficial Enterprises to build Downtown Marriott Hotel and Conference Center. Sounds great, but then…….
Eofficial Enterprises invested $48 million while the City of Odessa pitched in $31 million plus millions more after the project went over budget.
$9 million in taxpayer funds was used to build a parking garage for the Marriott, which the City of Odessa co-owns, and signed a 30-year ZERO DOLLAR per year agreement leasing spaces to the Marriott. It is unclear who pays the insurance.
The City of Odessa owns the Conference Centers located inside the Marriott, which rent for as much as $13.500 per 3 hours. The City of Odessa does not receive any proceeds from these rentals because they signed a 30-year ZERO dollar per year agreement leasing conference centers to the Marriott.
An agreement was formed between elected officials and the Marriott stating that sales tax revenue from the hotel is to be put in a special account and used by the Hotel, in the event the business suffers a loss in the first THREE years of operation.
$100 million dollar project and the Appraisal District has the Downtown Marriott tax value at $21 million dollars… Why? I forgot to mention, the land the hotel is built on is owned by The City of Odessa and on behalf of the taxpayers, elected officials have leased it to The Marriott for a period of 30 years at the rate of ZERO DOLLARS per year.
Odessa City Council approved $10.8 million to renovate The Ector Theatre and then leased it to the Marriott for $1 per year for a term of 20 years.
Millions of your hard earned tax dollars were invested in a seemingly legitimate project in which all foreseeable earning potential for The City of Odessa was given away by our current elected officials. I do not dispute the appeal of the Downtown Marriott. It is beautiful; however, better deals could have and should have been brokered on behalf of the taxpayers who sought to improve downtown Odessa. A $20 return on a MI $31 million dollar plus investment seems INSANE to me. The current elected officials, if re-elected, have more deals like this coming your way. Most taxpayers are NOT offered deals like this and should not be on the hook to pay for such deals.
IN OTHER NEWS
- Multiple Tax Increases
- $93 Million issued in debt against voter approval… None of the said projects have surfaced
- Water & Sewer rate increases
- Odessa College tax rate increase
- City Council currently discussing issuing additional debt in the amount of $195 million
Millions of dollars’ worth of frivolous spending, poor decisions, zero accountability and the ONE common denominator: Dewey Bryant and David Turner
NO MORE partnerships and NO MORE blank checks with taxpayers’ signatures. These guys have termed out in their current positions and are now seeking to switch seates. A name you know is not always a name you can trust.
MOVE ON GUYS, WE CANNOT AFFORD YOU ANYMORE!