According to a story on the Star Phoenix website, “An agreement is now in place to develop the city's most coveted piece of riverfront land with a new deadline and promises that financing for the megaproject will be available soon….Lake Placid CEO Michael Lobsinger said the agreement for the sale of the land paves the way for the company to secure financing.”
I’m totally confused. Here’s why.
On April 12, council voted to reopen negotiations with the developer and to conduct an independent audit to determine if Lake Placid has sufficient financing to complete the project.
On May 25, following what Mayor Don Atchison described as “the most due diligence that the city has done on any land sale,” city council, sitting as an executive committee, reached an agreement on price with Lake Placid.
The story that ran in the Star Phoenix the following day included this bit of text, "We're ready, willing and able now to proceed with the $200-million project,” Lake Placid CEO Michael Lobsinger said Tuesday. "We have financing in place . . . and are ready to move dirt in June or July."
Under the new agreement Lake Placid has until November 1 to provide documentation that between $50 million and $60 million dollars in financing is secure.
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