<b>By Christin Coyne</b><br><a href="mailto:ccoyne@mineralwellsindex.com">ccoyne@mineralwellsindex.com</a>
The meeting Oct. 21 with the owner of the Baker Hotel went well, according to Chad Patton spokesperson with investment firm Hunter Chase, and the development group will be meeting with the city later this week to talk financing.
“We’ve made good progress over the last few months,” Patton said.
The meeting with Greg Horne, of Phoeniz, Ariz., was intended to introduce the development team to the owner of the building.
“I think that clearly he sees where we’re going,” Patton said.
The development teams consists of general contractor HHC out of Austin, hotel operator La Corsha out of Austin and architect and interior designer Thiel & Thiel of Southlake.
The different trades have been working during the past months to decide exactly what each part of the renovation will cost.
“We know what we want to do,” Patton said. “We’re trying to uncover all the finances. … we’re getting much closer. We’re trying to fine tooth comb the costs.”
They have finished working out the details of almost all 14 floors except for the spa area and the landscaping and exterior.
“We’re trying to make sure we have a finite production cost,” Patton said. “[The economic climate] certainly makes it easier.”
“Once we shore up all our costs, then we can take it to the next step, [securing financing],” Patton said.
“We plan on meeting with the city next week to review financing,” Patton said.
They are still planning on seeking a creative combination of financing for the more than $40 million project, including tax increment financing through the city, historical tax credits, a program through the United States Department of Agriculture, and the Environmental Protection Agency’s asbestos abatement program.
In November 2007, the Industrial Foundation announced they entered into an agreement with Horne that locked the price of the historic building at $2.2 million. The agreement allows the Industrial Foundation to market the hotel to potential developers at that price.
The option was extended last year through Dec. 15, 2009.
A little over a year ago, the city announced receipt of a letter of intent from the Baker Hotel Development Group which includes Visions Southwest of Grapevine and Hunter Chase of Southlake.
