Baker Hotel renovation ready for next step

The team working on the renovation of the Baker Hotel spoke to the Mineral Wells City Council yesterday. Managing member Chad Patton said construction could begin by 2017 and could be complete in about three years.

The Mineral Wells Index said the next step is to make final arrangements with the financial group, Florida-based Pathways, that will handle the EB-5 financing from foreign investors, which will account for about $28 million of the approximate $57 million needed. The team has a meeting Monday with Pathways to discuss these agreements and hopes that within about two weeks agreements will be hammered out and Pathways will begin its route to packaging and positioning the Baker project to the State Department and Department of Immigration.

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