City Manager Recommends Terminating "The Hillsborough"
As Ted and David Reynolds’ project was in full swing, the focus of the public shifted toward their more promising project at 301 Hillsborough Street. The project took many iterations, and many different financing strategies.
On May 20 the City Council approved an extension of the Reynolds’ contract demanding proof of full financing by August 1. “To date, the City has not received such letter or an executed contract. Therefore, 301 Hillsborough Street Partners, LLC is considered to be in default on the existing contract.” Therefore, City Manager Russell Allen recommends immediate termination of the contract.
The City Council agenda also states: “In a recent meeting with Ted Reynolds, David Reynolds and Tom Worth, they advised that they have been assured their lender will commit financing for the project once ‘take down’ provisions have been secured for all three portions of the project upon construction completion; however, an additional investor is still required for the hotel portion of the project. All investors are expected to be in place and ready to move forward with the project in December 2008. A letter noting their intent is in the agenda packet.”
The City Council will discuss the contract in tomorrow’s 1pm meeting.
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Chris
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http://gogoraleigh.com Dana
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Ben
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http://www.raleighmsa.com Ernest
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Subway Scoundrel
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TSnow27604
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Chris
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P
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http://www.RaleighRealEstateNews.com Jason
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http://www.raleighmsa.com Ernest
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http://www.gogoraleigh.com/2009/02/03/reynolds-tower-likely-dead/ gogoraleigh.com» Blog Archive » Reynolds Tower Likely Dead
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