“The decision in my mind is final,” said Sam Beiler. “All we need is just a little more funding.”
The next month should provide a sense for what funding is confirmed and what gap remains for the multimillion dollar sports-and-events complex, Beiler said this week.
“A part of what we’re dealing with is timing cycles and … we’re not walking away even if things don’t work out in the next two to four weeks,” he said. “But I think in the next two to four weeks we’re going to have a good handle on what’s fully committed.”
Beiler said he expects site work to start in late summer and take about two years to complete. The first construction will likely include digging out what has been buried at the site and crushing it or reusing it in ways that would be more appropriate.
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The complexity of what Spooky Nook is attempting to do in Hamilton, including financing and clean-up on the site, is “significant,” he said.
Because it is pursuing a historic listing, it could qualify for tax credits that are “very important to the project” but also will include numerous rules to follow, Beiler said.
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Spooky Nook project has made “really strong progress” in terms of funding through the capital stack, which features as many as 16 sources to fund the project, 94 percent of which are in the form of loans and the remaining 6 percent would come from credits from the state or federal government.
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