Developers of the Renaissance Tower are ready to pay damages if need be, but they remain committed to the $ 40 million project.
“ If city officials elect to go ahead and request us to pay money, we’re going to do it, ” said John Nock, one of the developers behind the planned 18-story Marriott Renaissance. The Fayetteville City Council entered a contract with the developers of the project when it created the city’s only Tax Increment Financing district to clear the way for the project. The contract stipulates that the hotel be open for business by Sept. 1 or the council can ask for liquidated damages of $ 834. 73 per day, or $ 25, 042 per month.
“ I don’t know if the city is looking for money as much as a change in the skyline, ” Nock said.
More to the point, he said, the City Council is interested in the sales tax revenue the project will produce once it’s finished. The project hit a number of delays, such as the debate over height requirements and changes caused by Marriott Co. officials’ insistence that two floors be added. Full Story - Synergen Consulting International
“ If city officials elect to go ahead and request us to pay money, we’re going to do it, ” said John Nock, one of the developers behind the planned 18-story Marriott Renaissance. The Fayetteville City Council entered a contract with the developers of the project when it created the city’s only Tax Increment Financing district to clear the way for the project. The contract stipulates that the hotel be open for business by Sept. 1 or the council can ask for liquidated damages of $ 834. 73 per day, or $ 25, 042 per month.
“ I don’t know if the city is looking for money as much as a change in the skyline, ” Nock said.
More to the point, he said, the City Council is interested in the sales tax revenue the project will produce once it’s finished. The project hit a number of delays, such as the debate over height requirements and changes caused by Marriott Co. officials’ insistence that two floors be added. Full Story - Synergen Consulting International
