Baker Team Updates Progress on Financing Hotel Restoration
Friday, October 10, 2014
by Todd Glasscock
Mineral Wells Index
For the Baker Restoration Team, securing financing is the primary goal now as the team moves forward with the project.
But getting the financial backing is a slow process, team member Chad Patton told the board of directors of the Mineral Wells Community Development Corporation.
Patton and fellow managing team member Laird Fairchild updated the board Thursday on the progress of the restoration project.
"The financing is extremely complicated," Patton said.
The team is working out details with its primary financing partner, as well as outside groups and individuals, he said.
Along with the 4B financing, the Baker team is trying to acquire EB-5 financing as a route to secure about $30 million to get the restoration fully on the ground, Patton said.
Fairchild explained that under this program Palo Pinto County qualifies as rural and a project like restoring the Baker to a full-service four-star hotel is an ideal project for the program, given the Baker would bring new jobs to the area.