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Downtown city skyline view of Indianapolis, Indiana, USA looking over the Central Canal Walk

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INDIANAPOLIS — As of Monday night, the city of Indianapolis became one step closer to taking over the construction and cost of a downtown hotel project.

The Metropolitan and Economic Development Committee within the City-County Council voted in favor of a proposal to issue up to $625 million in bonds to finance the Signia Hotel portion of the Pan Am Plaza redevelopment.

“This project insures that we are not only retaining the conventions we have and remaining that top convention city in the country but we are also elevating our status in being able to attract even more, ” Scarlett Andrews the Deputy Mayor of Economic Development in Indianapolis said.

The Signia Hotel is part of the larger effort to redevelop Pan Am Plaza and expand the convention center. Revenue from the hotel will be used to pay off the bonds. This means it will not require any new taxes for residents.

“All of the revenues that are generated by the hotel then go back in to the debt service model we are not responsible for paying off investors outside of the bond holders so that makes it a more viable project as well,” Andrews said.

The 625 million dollar 40 story Signa Hotel would be ran by Hilton. It would add over 800 more rooms to the downtown area, and would create 400 more full time jobs. This investment is something Visit Indy says is necessary to grow convention business.

Read more from WRTV here