The long delayed plan for a Convention Center Hotel in downtown Syracuse faces a 20 million dollar funding gap, and without your tax dollars, it could be finished.
Blaming rising construction costs, and a tightening credit market, the developer says it can only afford to put in 10 million dollars. The other half would come from Onondaga County. Being on the line for half the money would make the County an equity partner, and it would recoup the money when the hotel starts making money. The deal calls for Onondaga County to be paid back first. This is the latest in a series of problems and delays for a project that has not moved forward in 3 years.
Click the video link to watch CBS 5's Michael Benny's report.