The City of Bonham moved one step closer to acquiring two new hotel. when Bonham City Council unanimously approved the two required readings of a resolution designating the development of a 70-bed Holiday Inn Express and a 50-bed Reddy Hotel, LLC as a Bonham Economic Development Corporation (BEDCo) Type B Project, and ratifying BEDCo's incentive expenditure of $172,250 to help construct access to the property from State Highway 56.
Under the agreement negotiated by BEDCo, developer R.K. Reddy receives four acres owned by BEDCo on which Reddy will construct a 70-bed Holiday Inn Express at an estimated cost of $5.5 million, as well as a 50-room Reddy Hotel at an estimated cost of $2.9 million.
The four acres are located slightly southeast of the junction of State Highway 121 and State Highway 56. Construction of the Holiday Inn Express is expected to begin this spring, while the agreement calls for the 50-room extended-stay Reddy Hotel to be built within the next three years.
Bonham City Council also unanimously approved a second reading of a resolution awarding $45,000 to Bonham Chrysler. BEDCo had approved the $45,000 incentive to Bonham Chrysler for the creation of 23 new jobs.
The city council meeting opened with a financial report for the month ending March 31, 2013. Halfway through the current fiscal year, Bonham City Manager Bill Shipp stated the city's finances are "tracking pretty well."
Bonham City Council established monthly rental rates for hangars at Jones Field Airport. Open T-hangars will rent for $48 per month, enclosed 42-ft T-hangers will range from $144-$180 per month, and enclosed 45-ft. T-hangars will rent for $210 per month. The rate for enclosed 42-ft. T-hangars to be constructed 2013-2014 will be $220 per month, while the 45-ft. T-hangars to be constructed during the same time frame will rent for $240 per month.
The new rates will increase revenue, while still remaining very competitive with hangar rentals at nearby airports. At the current time, 16 people are on the waiting list for enclosed hangars.
In other business, Bonham City Council unanimously selected councilmember H. Compton as the council's representative on TAPS Public Transit Board of Directors.