NEW BUFFALO TOWNSHIP, Mich., June 17 /PRNewswire/ -- Resort 1080 (pronounced ten-eighty), the team working to bring a new resort development just yards off New Buffalo Township's I-94 Exit 1, held a learning session with New Buffalo Township officials on Wednesday. Jim Thompson, team Principal and President states, "There were discrepancies between our proposals and what the print media reported last week. We want to assure those we have been diligently working with that, what was reported and what we have presented are two different things." Thompson continued, "First and foremost this proposal is set around a conference center, with an attached full service entertainment hotel, which is completely different and unlike any proposal that has come in front of the boards prior. Second the proposal we provided shows a resort costing in the area of $100 million, which is large, but not the reported $250 million." Thompson closed stating, "The June proposal and an advisors follow up letter to the county has stated for underwriting purposes 1080 must adhere to all published economic guidelines including appropriate enhancements or ratings prior to asking for bond issuance. So this is an issue of timing not ability."
In a complex funding plan, Resort 1080 has proposed utilizing a number of bonds and grants including Build America Bonds (BABs) that were created under the federal stimulus act. To issue the bonds, 1080 wishes to collaborate with the Berrien County Economic Development Corporation (EDCBC). The team stated, use of BABs does not use state or local tax dollars and does not affect the state's or county's bonding ability and credit rating. Thompson and the team's bond advisor Jorge Cordova, managing partner for Platinum Investments LLC, Phoenix, Arizona, spent time explaining how BABs will work within this project. This style of finance is currently being utilized with municipal conference center projects around the country including one in Dallas. The true difference here is utilizing the EDCBC as the issuer rather than a city like Dallas. Resort 1080 presented legal opinion and bond documentation stating why there should be no legal impediments to this style of funding. 1080 reiterates that the EDCBC is the bonds issuer and not the owner of bond debt.
Addressing area officials feelings about needing a convention center and full service hotel, Craig Wilkinson, another principal of Resort 1080 states, "The 20 million people in the demographic area makes this a natural draw, if it has entertainment components similar to competitive entertainment resorts." Wilkinson continues, "Born and raised in Michigan I know this area as a proven summer leisure market. I see this site creating a natural gateway to enhance the state and the area's year-round tourism while not affecting the community's quaintness, natural beauty and Lake Michigan frontage."
SOURCE Resort 1080 LLC