In order to even try to get financing of our Casino project, we must have an architect in place. That is the very first step. From there, the Architect will come up with a final design to be approved by the Commission. REG Architect’s contract must be approved at tonight's commission meeting in order for this project to get off the ground and move forward. As the plans for the casino progress, they will all be fined tuned and the details worked out to the financial institution's satisfaction. If not, we don't get the money; it's that simple.
Anyone who believes that we are locked into paying them $460,000, the price of the Contract, is flat wrong. This contract can be terminated, by either the City of
If the Contract is terminated by the City of Lake Worth, suspended or delayed for “reasons unrelated to the quality of work provided by the Consultant, the City of lake Worth shall forthwith pay the Consultant in full for all work previously authorized and actually performed prior to the Notice of Termination, Suspension or Delay.”
This "loan" that we obtain from a bank will be re-paid from revenues, not from taxes from the property owners of Lake Worth. No one will loan money without a Plan and a financial feasibility study that makes sense based on set standards and data.
So, that is the crux if you want the bucks and if you want the Casino rebuilt.
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