IRVING - Another blow has been dealt the developers of the proposed $250-million entertainment center development in Las Colinas.
The Las Colinas Group, led by Billy Bob Barnett, has pledged to put up $80 million to build the live music and restaurant venue.
Wednesday, the group provided a letter to the city of Irving pledging, "...the Commitment from several qualified investors and institutions."
But Irving officials today dismissed the letter, saying the city, "...does not consider it to be a Letter of Commitment that meets the detail requested."
Irving Mayor Beth Van Duyne said this is the latest in a series of six missed deadlines.
"Basically what that letter says is, 'the check is in the mail,'" Van Duyne said. "The problem is that the check has been in the mail for five years, and that check is no closer to being written now than it was five years ago."
The Las Colinas issued the following statement in response: "On March 2, 2012 the Irving City Council voted 6-3 to obtain a rating for bonds to build the Las Colinas Entertainment Center. A loan commitment is not required until after the bonds are rated. Not a penny of bond money will be raised or funded until after the Las Colinas Group invests $80 million toward completion of the entertainment center. Opponents of this project need to respect the majority council vote to move forward with the bond ratings. LCG believes the commitment provided to the City on March 21 more than meets any requirements of the rating agencies to move forward with the rating process."
E-mail bshipp@wfaa.com
