Quote:
...there will be two seven-month development phases.
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^^What does this mean exactly? Two phases before construction even begins? Or including construction?
Metro goes forward with HQ hotel study
POSTED: 12:21 PM PST Friday, November 9, 2007
BY TYLER GRAF
Metro Council on Thursday voted to spend more than $600,000 on a feasibility study for the proposed convention center hotel.
Metro will pay developers Garfield Traub and Ashforth Pacific $600,000 for the feasibility study and spend $69,000 on project costs and staffing.
Still, Metro must negotiate with other public entities, including the Portland Development Commission and the city of Portland, to secure more money for the project.
“There’s got to be a deal on this,” Reed Wagner, Metro Council’s staff manager, said. “Metro is not capable of guaranteeing the bonds on this.”
No private entities will be included in funding discussions, Metro policy associate Anthony Andersen said.
And because the bond market “is a mess right now, even if the hotel is (built) and has a bad year, we need to show that we can pay,” Wagner said.
If, after the study, Metro decides to build the convention center hotel, there will be two seven-month development phases.
"We're trying to get everybody more comfortable with this process," Anderson said.