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WACO, Texas – Council members approved the $700,000 grant to help out with the redevelopment of the Oak Lodge Motor Inn.

The plan for the Oak Lodge Motor Inn site is to turn it into a new multi-use development consisting of two-story condominiums, eight loft apartments – as well as commercial, retail and restaurant space.

Construction on the project will start September 15, and will be expected to finish by August 31, 2022.

Council members also approved the resolution for the Program Project Agreement between the Waco- McLennan County Economic Development Corporation and the Space Exploration Technologies Corporation (SpaceX).

In exchange, SpaceX is promising to make $150 million in improvements by 2024 by creating 250 new full-time jobs by the next year, and to keep all of the jobs already on the books.