A conceptual design is shown for the $235.5 million, 600-room Omni convention hotel in downtown Oklahoma City. In an agreement with the city, the hotel has pledged to build a AAA four-diamond rating with three to five restaurants and retail at the ground floor. [Rendering provided]

Ten months of negotiations with Omni are wrapped up and the Oklahoma City Council is set to consider an agreement for a $235.5 million, 600-room convention hotel that will require $85.4 million in public assistance.

The 45-year agreement, to be presented Tuesday, also would prohibit the use of tax increment financing and other city assistance for any other hotels downtown with the exception of First National Center. For the entirety of the agreement, the Omni would be the city's official and only “convention center hotel.”

Cathy O'Connor, president of The Alliance for the Economic Development of Oklahoma City, led negotiations for the deal that must be approved by the city council, the Oklahoma City Urban Renewal Authority and the Oklahoma City Economic Development Trust.

“Oklahoma City, unlike other cities, including Dallas, will not own the hotel, operate it or assume the risks for the operation or the construction,” O'Connor said. “I believe that's the best thing about this. They're bringing $150.1 million to the table. We don't have to worry about the complications of financing that, or how their bankers are going to look at the project. Omni as a corporation has committed to the project.”