Easing credit crunch puts the convention center hotel back on track

Good news for fans of the taxpayer-owned downtown convention center hotel, as well as for the pending DISD bond issue: The credit market, at least for public works projects, appears to be easing enough to allow AA-rated and above public entities to obtain financing. A DMN story indicates the city of Dallas intends to close on $253.3 million in water improvement project bonds this week; a few weeks ago, this and just about every other bond project in the country were frozen due to lack of capital or political will or lenders — take your pick. The $550 million convention center hotel, which Mayor Tom Leppert and many city councilmen have vowed to fund in January, requires issuance of municipal revenue bonds to generate the cash, so now that the market is coming back, lack of available funding shouldn't hold back Leppert or the council. I guess we'll see if the May referendum on the project causes the council members any heartburn when it comes time to approve the bonds in January.