Bob Yoder addressed members of city council on Monday evening on behalf of St. Marys Hospitality to bring them up to speed on issues surrounding the downtown hotel project.
Todd Hanes, owner of the former location of The Station Inn, located along Depot Street, had addressed council earlier this month and asked for their assistance on moving the project forward. At that meeting, council members had indicated that they planned to request that Yoder attend a meeting to explain why he had not closed on any of the properties.
"Over the last two years, we actually went to nine different banks to finance the hotel," Yoder said. "We waited as long as eight to 10 weeks to find out, after they had said yes they were interested, because of the banking industry and because of the regulators they had too much hospitality or they weren't financing hospitality. Unfortunately they couldn't tell us that up-front."
Yoder remarked that in December 2010 he located an alternate funding source for the project in the form of a loan from an alternative lender.
"The loan is closed. Everything is in escrow. All we're waiting for is for funding to be forwarded into the escrow account, which we're being told will be Monday. Once that's done everybody in town will be settled for their property, and we will own all the property for the hotel," Yoder said.
City Solicitor Mark Jacob asked Yoder what the closing date for the properties would be as long as everything continues according to plan, and Yoder responded that the date would hopefully be Monday.
"As far as I know, our attorney has escrow checks out here in St. Marys with one of the attorneys to do the recording for her. It's a matter of doing a recording and actually divvying out the checks," Yoder said.