The Irving City Council reached a deal with the ARK Group which will finally allow the proposed Entertainment Center to move forward. The final 5-4 vote came well after midnight following speeches from both sides and several procedural votes by the council. Not surprisingly Mayor Beth Van Duyne led the charge opposing the deal, with Brad LaMorgese, Tom Spink and Gerald Farris also voting no.
The ARK Group partnership includes them paying the original partners, the Las Colinas Group (LCG) to settle their lawsuit with the City of Irving – for dropping out of their agreement last year. ARK expects construction to be finished by the end of 2016, they will receive $84 million from the city, and they will provide the remaining monies necessary in the $165 million deal.
The Entertainment Center will include nine restaurants, venues for concerts, and a 1,200 space parking garage. To many, the deal will provide a way back to a city that has lost its way and luster in recent years. The city will own the entertainment center, financing their portion through special taxes. The project is expected to bring 1,500 jobs to Irving and revitalize the community’s reputation as an entertainment destination.
The cities exposure is much greater than $84 million:
http://www.empowertexans.com/features/irving-public-cost-private-benefit/