The “almost culmination” for the Marriott Hotel Project City of Coatesville Solicitor Mr. Carnes discussed the legal aspects of the resolution with Council. The settlement may take a few days to complete.
Representing Oliver Tyrone Pulver Corporation, Mr. Weiss-
“I’m here with Don tonight and we’re finalizing the resolution and we’re anxious to move forward. We accept everything that’s in the resolution and tomorrow morning I will send John what I hope is our final draft of the 3 documents. The set aside money that will secure the $529,000 that comes from the Commonwealth’s grants and that money will be set aside to secure for the public improvements that we have to do. There’s a separate agreement with PennDOT that’s not included. And I was here a couple of weeks ago and we talked about the traffic light. And you were kind enough to adopt a resolution to make the application to PennDOT for the highway occupancy permit for the storm sewer improvements. And that has all been approved by PennDOT.”
“The reason that the settlement will take some period of time is these projects have a lot of moving parts. There is the Redevelopment Authority. There is Tax Increment Financing. It involves several taxing bodies. Everything that John mentioned here tonight. There are documents that have to be gone over by the County and the Commonwealth. So we were hoping to commence the settlement December 1st but I found out tonight it’s going to be December 17th. Once we have this resolution of Council and we finalize the documents with John than that’s a major segment of the project that will enable us to wrap up everything else.”
Mr. Don Pulver, “The settlement has to conclude by the 16th thereabouts in order to lock the rate on the TIF bonds. That’s the end date that we have to hit or else we’re going to have a bust because we can’t get the tax exempt bond that we need for the TIF.”
Mr. Brazzle, “So when are we going plan to break ground now then. Did the date change to break ground?”
Mr. Pulver, “Yea, Well you see the contractor has to get organized down to the closing, go out and order all the raw materials for the plan. So that would take him as much as 5 weeks after the settlement before you get groundbreaking.”
Mr. Brazzle, “So a rough estimate, before March for ground breaking?”
Mr. Pulver, “O yes, O yes.”
Mr. Weiss, “And then Don, from the time that construction of the hotel begins, when is the approximate time when the hotel will be completed?”
Mr. Pulver, “About 13 or 14 months. That includes all of the furniture and fixtures kitchen equipment and all the stuff that goes into a hotel. All that stuff is over $2 million dollars worth. And that can’t really go in until after the construction is almost finished or it will ruin it.”
Mr. Simpson, “So then I guess we can assume that everything is in place for financing. Everything pretty much once this resolution is approved and we get the easements squared away. Nothing’s holding us back.”
Mr. Pulver, “Everything’s touch and go today. Everybody’s trying to stop us every inch of the way. But we refuse to be stopped.”
Mr. Weiss, “There is not anything about this project, from my experience, any different from any other project of this type. Where the Commonwealth participates and the investors are drawn to the project by the government’s support, including this City’s support. But again it’s complicated and as Don says its touch and go. But every building has been built that he’s been in this touch and go situation. So I don’t have any reason to think that this one won’t get done.”
Mr. Hamrick, “About a year and a half ago I heard you speak and you were like kind of optimistic. You didn’t know whether it was going to happen or not. So this whole thing has come a long ways.”
Mr. Weiss, “I’m always optimistic. I thought Michael Vick was going to score 60 points last night.”
Mr. Hamrick, “Over a year ago, it just seemed like; well we have 5 years to do this. I mean it could happen.”
Mr. Weiss, “No this is it.”
Mr. Pulver, “It has to happen, now or never.”
Mr. Simpson, “Now or never. The time is now.”
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