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Maintained by
UNITE HERE Local 30
Development Team Two Months Behind Original Schedule Lane Field Developers Two Months Behind Original Schedule in Providing Evidence of Equity Commitment to Port. The December 5th, 2006 “Option to Lease Agreement” between the Port of San Diego and the Lane Field development team outlines a number of benchmarks that must be met before the Port issues a lease for the Lane Field parcels. According to the agreement, “By no later than December 3, 2007, Optionee shall submit to District written evidence that Optionee has obtained an equity commitment and financing plan setting forth the sources of all funds required for design and construction of the Project…” Interestingly, the Lane Field developers appear to be taking advantage of the opportunities provided under that agreement to delay the date by which they need to show the equity commitment and financing plan. After being granted two delays in submitting this evidence, relating to the October wildfires in San Diego, the Lane Field developers requested a third extension on December 26th because of the Port’s delay in issuing a Coastal Development Permit (CDP). On January 9th 2008, the Port wrote a letter to the development team granting a 28-day extension. The letter states, “The delay in the issuance of the CDP directly affects your financing submittals previously extended to January 10, 2008.” Evidence of an equity commitment, franchise and management agreements and preliminary drawings are now due February 7th, over two months later than the original submission deadline. It is unclear if more delays are expected. To view the Port’s January 9th letter blessing the delays, click here. (PDF) |
