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The president of the group renovating the historic La Posada de Albuquerque hotel said the project is on hold until an industrial revenue bond from the city can be obtained.

"We really can't start without this assistance," said Gary Goodman, president of Goodman Realty Group, which bought the Downtown hotel for $4 million in 2005.

He estimated the industrial revenue bond - which provides relief from property tax - would save the hotel $70,000 to $80,000 annually for 20 years.

The group originally sought a $14 million bond from Bernalillo County. The request was dropped to $4.5 million, Goodman said, before the group abandoned its county plans.

"For one reason or another it just didn't resonate for them," Goodman said, referring to the County Commission. "The city, particularly members of the City Council, have expressed so much enthusiasm for the project that that's where we felt we belonged."

The amount of the bond is yet to be determined. Goodman expects to apply for it soon.

He estimates the hotel would create at least 105 jobs with benefits. Construction work during its renovation would also bring jobs, he noted.

The number of jobs generated by a project is one consideration in approving the sale of industrial revenue bonds.

Goodman said getting the hotel off the ground has been a struggle, and he knows why.

"We don't want to do just another hotel," he said. "We want this again to be the cultural and social epicenter of Albuquerque like it once was."

That means renovating the hotel rather than taking the cheaper route of demolition and building anew. It means making the hotel "the most environmentally advanced hotel in the nation" that would use 50 percent less energy and water than normal, he said.

There would also be an exhibit of cultural attractions around the city, he said. The same area would sell tickets to events, and provide GPS units and maps to ease navigation.

"We're really touting Albuquerque as a cultural center, a cultural mecca," he said.

If the city fails to supply an industrial revenue bond, Goodman said the hotel's renovation would be on hold "until it's economically viable."