Just when you thought that we had heard the last of the great Millennium hotel, Council in a five to four vote has, without further public input and in a surprise move at yesterday's FPCOW meeting, voted to extend the time available to Millennium and their partners to start building the hotel for another year.
As a sign of their sincerity in meeting their obligation during the coming year, Millennium will post a $100,000 irrevocable letter of credit. We are moving down the food chain. The last irrevocable letter of credit we had from them was for $250,000. It was returned when they signed a contract with ITC to build the hotel IF the hotel were built. What benefit this had for Nanaimo taxpayers remains unknown to me.
Those Councillors who approved this extention were impressed with their ability under the "Points of Agreement" to look for other builders for the hotel during this year. I guess that this means that we will be looking, at taxpayers' expense, for a partner for Millennium and company as it appears that the introduction of any new independant builder/contractor would trigger a new referendum. It appears to me that Millennium has us just where they want us. We pay to find a partner, they get another year to try to get the Arena/Foundry lands.
