The old GAF site along Erie's bayfront is prime real estate location. One group with their eye on that land is the Erie County Convention Center Authority (ECCCA), with plans of building a brand new hotel.
"You can attract more and larger conventions with another hotel adjacent to the site that also has a price difference that's lower than the Sheraton," said Roger Richards of ECCCA.
Richards and ECCCA are asking Erie County Council for a government backing of $60 million. He said that money won't impact tax payers, unless the guarantee defaults.
They've also got $25 million in bond money from the state, and have done market studies, proving the hotel would be a success.
If County Council approves the guarantee, Richards said construct can began as early as July. He says that will be benefiting the local economy by bring in up to 200 jobs in the area.
"It will generate real estate revenue for the city, which the city needs badly, generate construction jobs, generate permanent employment at the new hotel and the multiplier impact by money spent by out-of-towners is multiplied by two."
Now this project is getting some heat from Scott Enterprises. You'll remember just two months ago, they announced their plans for harbor place project.
"I think the bottom line is County Council doesn't have to approve this and put on tax players backs because we're ready as a private developer to do this without bringing a burden on tax payer's backs," said Nick Scott, Jr.
Scott said there is a possibility of a partnership between the private and public sector.
Erie County Council member Kyle Foust would like to see that. He said any development in that area is good for our region.
"That place is so beautiful down there. I haven't looked at the market study, but I have a hard time believe that whether it's ours or it's Scott Enterprises development on the other side of the street, it's going to fail."
No word on when this money backing will need to be approved or denied. Council's next meeting on Tuesday, January 28.