Or is it an ultimatum?
Clearly becoming impatient, the city council of Wilmington, Ill., issued a list of requests to Bill Scales, owner of the historic Eagle Hotel in town, reports the Joliet Herald News. Wilmington wants a response by 4 p.m. Friday.
Scales’ agreement to have the Eagle Hotel restored and fully functioning as a restaurant and hotel is to expire in May. The city gave Scales 60 months to complete the project. It sold the building to the Ottawa-based developer for $45,000. In return, the city gave the money back to Scales in the form of a grant to help speed along the plans.
Recently, Scales asked for an 18-month extension due to the fact that he has been unable to secure federal financing for the project. He said there are no promises that such finances will ever come through. Scales said he has garnered the support of U.S. Sen. Richard Durbin, who is helping by trying to obtain an appropriation of federal funds.
City officials asked Scales to prove this is the case.
The city wants Scales to prepay the city interest in the amount of $4,725, which is 7 percent of the interest on the $45,000 loan. Prior to the expiration of the extension, Scales must show he has no less than $90,000 to fund the restoration of Will County’s oldest commercial building. Scales would also have to pay the city back the $45,000 during the 18-month extension.
The agreement calls for the business to be operational two years after the extension expires.
In the event that the financing falls through, Scales would sign the necessary papers giving the title of the building back to the city, something Scales said he would never do at a previous meeting.
Scales, admittedly, hasn’t made much headway in the past five years with the hotel. The newspaper quoted one resident who wants the building torn down, but the city has indicated it doesn’t want to go nearly that far. It simply wants more progress with the project.
The city wants a final agreement hammered out by March 18.
(Hat tip: Lynn “Lulu” Bagdon.)