A proposed Portland Convention Center hotel got a key vote of confidence Thursday from the Metro regional government.
There were two votes at Metro Council. Neither vote was a final up or down on the hotel.
Councilors approved changes to an agreement between Metro, Multnomah County and Portland. If the other governments approve, hotel developers would be able to use lodging taxes generated by the hotel rooms to pay off $60 million in construction bonds. The other vote supports the preliminary funding plan for the whole $190 million project.
Councilor Sam Chase emphasized that negotiations are continuing.
“We are, again, not deciding on the hotel at this point, but we are taking an important, very important, step forward,” Chase said.
Backers say the proposed 600-room Hyatt hotel would be a money-maker. But negotiators haven’t agreed on whether the public or private side would pay if hotel taxes fell short of the bond payments.
If approved and built on schedule, the hotel would open in 2016.