Friday, September 28, 2007

Time to Face the Music, Man

Today was the last business day of the month, and the City of Fayetteville is looking at $3.7 million in bonds without the promised revenue growth they though they'd get from subsidizing a group of developers. The Big Dig Renaissance Marriott Tax Increment Finance Project is still just a sinkhole in several senses of the word.

Has anyone heard if the developers have delivered the $25,042 September payment for liquidated damages for failing to meet the terms of the contract? They told City Attorney Kit Williams that they would send the check at the end of the month, and that would be right about now. Think it's in the mail?

UPDATE: I understand that the check was "hand delivered" and that the developers denied rumors that the project was having financial difficulties. The new completion date is now projected for the 2009 football season. We hope so. We also hope we have a new coach by then.

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