Raleigh City Council Approves Financing For Convention Center, Hotel

RALEIGH, N.C. — The city of Raleigh made a downpayment on its proposed

convention center and hotel

.

At its Tuesday meeting, city councilmembers agreed to spend $55 million on the first phase of financing the project. It will go toward property acquisition and initial construction. The money will come from the food and beverage and occupancy tax.

Councilmembers also narrowed the field of construction management teams down to two. They hope to make a decision on that next week.

The new convention center and hotel are expected to open in the spring of 2007.