Chatham County Commissioners voted 5 to 4 Friday to approve an agreement with the preferred developer for a convention hotel on Hutchinson Island.
County staff said the agreement will give them time to make sure a plan to back up to $50 million in bonds for the project would not impact Chatham's credit rating. In addition, it will allow the developer to secure about $80 million in private investment for the project, said Michael Kaigler, assistant county manager.
The county wll have to consider another agreement before any bonds are issued and the county will be under no financial obligation until after that approval, said County Attorney Jon Hart. Chairman Al Scott said the Savannah City Council and the Savannah-Chatham school board will have to approve proposed tax exemptions and credits before the project can move forward, and the extension will give the developer time to apply for those incentives.
Scott and commissioners James Holmes, Tony Center, Yusuf Shabazz and Priscilla Thomas supported the motion, while commissioners Helen Stone, Lori Brady, Patrick Farrell and Dean Kicklighter opposed it.
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