Irving will make an unofficial commitment this week of $170 million of revenue bonds to help pay for a proposed entertainment complex despite warnings that the new debt could affect the Dallas suburb’s bond rating.
The Irving City Council voted 6 to 3 last week to notify Las Colinas Group, its partner in the $180 million project, that it should be able to commit bond proceeds to the effort.
The initial construction cost estimate was $250 million.
The council is expected to vote in January on whether to make an official commitment to the complex project.
City officials said the complex would include a cluster of restaurants and a pedestrian walkway anchored by a large concert hall.
It would be located adjacent to the new bond-financed Irving Convention Center in the Las Colinas residential and commercial district near Dallas-Fort Worth International Airport.
Mayor Beth Van Duyne voted against the $170 million bond plan. She proposed a $128.5 million package that could be increased if an investment-grade rating is obtained for the revenue debt.
