If – and when – City Council approves the letter, “we can negotiate the final agreement, however long that takes – 30 to 60 days or longer,” mentioned Stephen Lowery, board chairman. He referred to as the vote the inexperienced gentle to get the challenge shifting ahead “seriously.”

Though the letter of intent is nonbinding, Lowery mentioned the intent was to stipulate the challenge “so we don’t have to come back and renegotiate. I’m comfortable with this,” he mentioned.

The parameters of the proposal had been permitted verbally by all events, famous MDC Executive Director Sara Harris.

The challenge will encompass lots for a 60,000-square-foot household cinema and leisure middle, full with an out of doors music and occasion stage; a 60,000-square-foot lot to be occupied by a nationally acknowledged retailer; and platted tons for different common retailers and eating places. Non-disclosure agreements stop the disclosure of the particular names concerned within the improvement. The settlement between Hodges, the MDC and City of Midland requires building to start by Sept. 1, 2023, with completion no later than Jan. 1, 2027.

Lowery mentioned that, with full approval of the letter of intent and negotiations towards a closing settlement set to start, “there will be lots of paperwork to read” within the coming weeks.