The Baker Hotel, Mineral Wells, Texas

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Baker Hotel Development Project Update February 20, 2015

state of the community

The 4t Annual State of the Community Luncheon will be on February 20, 2015, hosted by the Mineral Wells Area Chamber of Commerce. This year’s speaker lineup features The Baker Hotel Development Team of Chad Patton and Laird Fairchild.  They are giving the community an update on the progress for the Baker Hotel project. Tickets to the State of the Community Luncheon may be reserved at any time. Call the Mineral Wells Area Chamber of Commerce for details and tickets: 940-325-2557.

Baker Team Updates Progress on Financing Hotel Restoration

Friday, October 10, 2014
by Todd Glasscock
Mineral Wells Index

For the Baker Restoration Team, securing financing is the primary goal now as the team moves forward with the project.

But getting the financial backing is a slow process, team member Chad Patton told the board of directors of the Mineral Wells Community Development Corporation.

Patton and fellow managing team member Laird Fairchild updated the board Thursday on the progress of the restoration project.

"The financing is extremely complicated," Patton said.

The team is working out details with its primary financing partner, as well as outside groups and individuals, he said.

Along with the 4B financing, the Baker team is trying to acquire EB-5 financing as a route to secure about $30 million to get the restoration fully on the ground, Patton said.

Fairchild explained that under this program Palo Pinto County qualifies as rural and a project like restoring the Baker to a full-service four-star hotel is an ideal project for the program, given the Baker would bring new jobs to the area.

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Website Offers Insight Into Baker Hotel Restoration

Tuesday, September 23, 2014
by Todd Glasscock
Mineral Wells Index

The Baker Restoration Team says it is very optimistic about pulling the project's financing components together, and in the meanwhile has launched a website to allow the public to follow its progress and get informed and involved.

"With such a complicated financial structure," he said in an email, "making sure all of the capital is in line and all of the financial sources work together is a challenging task. We recently received a commitment for $20 million in debt financing as a second lien position (mezzanine debt).

"We are currently working on securing the final $10 million of senior debt. We continue to remain optimistic about securing the necessary funds to complete the project but we are realistic in recognizing that finding the right partner is more than likely not going to be a traditional lending source."

"The main purpose of the site [] is to provide a conduit for information sharing," said Patton. "As a development group, we are communicating the vision and of the redevelopment through the site."

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Mineral Wells Appoints Seven To Economic Development Board

by: Mary Richardson
July 24, 2014

The Mineral Wells City Council recently approved the selection of a seven-member board of directors for an economic development sales tax non-profit corporation.

Board members selected were Mineral Wells Mayor Mike Allen, Mayor Pro-Tem John Upham, Don Crawford, Beth Watson, Phil Garrett, Harris Brooks and Brad Wilkerson.

"As a requirement of the city's 4b economic sales tax proposition which passed in May, I would like to see the initial board appointed for two years," said Lance Howerton, city manager.

The proposition allowed for a reallocation of an eighth-of-a-cent of the city's sales tax, about $4 million in public funds, that will go towards the redevelopment of the Baker Hotel, a $56.2 million restoration project.

Howerton explained that selecting board members is the first step, and the next step is establishing a non-profit corporation known as the Mineral Wells Community Development Corp. which will oversee proposed activities for redevelopment.

Council Moves Forward With Downtown Redevelopment Plan

Thursday, July 3, 2014
Mineral Wells Index

It might only be a matter of time before downtown Mineral Wells gets overhauled, as Mineral Wells City Council officially voted in favor of a resolution approving the Downtown Redevelopment Plan Proposal created by the Institute of Urban Studies at the University of Texas at Arlington.

Per the resolution, Mineral Wells Mayor Mike Allen is authorized to execute any related documents.

The study phase, at a cost of $34,191, will begin this September, and a full draft report should be completed by May 2015. A final report submission will occur in August 2015.

This study wasn't born out-of-the-blue. It was highly intentional and meant to correspond with the restoration of the Baker Hotel, Mineral Wells City Manager Lance Howerton said. The council also thinks it's a good direction to head.

"I think it's a good thing for us to be looking forward and making plans for our future," Mineral Wells Mayor Mike Allen said.

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