Grand Landing developers set to pitch project to county officials

Sat, Feb 6, 2010    to del.icio.us

After spending several years in the planning stages, developers of the Grand Landing project are hoping a presentation to the Ottawa County Board of Commissioners on Tuesday will give them the leg up on federal Recovery Zone Facility Bonds.

These bonds, which were made possible because of the American Recovery and Reinvestment Act, would be used to finance the construction of a hotel and conference center on the site.

"This Recovery Zone Facility Bond is exactly what we've been searching for to make this project happen," said Grand Landing President Craig Adams.

Ottawa County received a $31 million allocation of the bonds, and including Grand Landing, there are a total of $60 million in requests that the county is considering.

Adams said the at the bonds are basically coupons that allow the interest paid on private bonds to be exempt from federal income tax. Grand Landing developers are requesting $22 million.

Adams said that this would pave the way to allow for the construction of a Hilton Garden Inn and conference center on the site.

"Obviously, we hope they're impressed with the fact that this is ready to go," Adams said.

Among the laundry list of items Grand Landing developers have to present to the county board include approved site plans from the City of Grand Haven, blueprints, construction costs from a general contractor, environmental assessments and studies, feasibility studies and a self-appraisal.

Developers also have $5 million in the bank right now that is to be used to clean up the area, allowing for road, sewer, street light and amphitheater construction.

"If this isn't shovel ready, I don't know what is," Adams said.

Developers said they expect that within 120 days of getting an allocation from the county, they could have shovels in the ground and they'll be building the hotel.

In addition to having stacks of documents to prove that they are ready to get going, project
developers are confident that the project will put people to work in the Tri-Cities area.

"To whatever extent, we will employ local people," Adams said, adding $10 million of the more than $20 million of the would be used for general labor.

Additionally, he said of all of the proposals requesting an allotment of funds, the Grand Landing hotel project is the only one that will be developing a building from the ground up.

Other projects vying for a piece of the funding pie include Continental Dairy Products in Coopersville, requesting $31.1 million; Alden Place in Spring Lake, requesting $1.3-1.7 million; and Beechtree Commons in Grand Haven, requesting $7.6 -$9 million.

The Ottawa County Board of Commissioners meeting is scheduled for 1 p.m. Tuesday at the Fillmore Street administrative offices in West Olive.