The time frame is laid out in the above agreement with the city.
Quote:
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Under the proposed business terms, the Developer shall pay a performance deposit, in the amount of $50,000, payable fifteen days after Council authorization (Authorization Date) of the terms. Within six months from the Authorization Date, the Developer shall enter into an RDA with the City. Within twelve months from the execution of the RDA, the Developer shall provide an executed franchise agreement with a major hotel brand. Developer will be required to commence construction on the Hotel Project within twenty-four months from the Authorization Date and obtain a Certificate of Occupancy (C of O) for the Hotel Project within twenty-four months from the commencement of construction. A twelve-month extension to commence construction may be granted upon City review and approval of a written request from the Developer that includes a current market study.
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Basically...its pretty freaking drawn out...as in years and years.
They have 6 months to from the Authorization Date (whenever that is) to enter into an RDA (whatever that is) with the City. Once that is done, they have 12 months to get a Hotel to commit to the project. Once thats done, they have 24 months to start construction and once thats done, they have 24 months to finish construction.
So...add up all the months...and you're looking at a maximum time frame of 5.5 years. Oh yea...they may ask for a 1 year extension to start construction...so make that a maximum of
6.5 years.