The Baltimore Development Corp. board yesterday approved a 90-day extension on the exclusive negotiating privilege that Baltimore attorney and Orioles managing partner Peter G. Angelos has to build a $150 million Grand Hyatt hotel downtown.
While significant progress had been made on meeting the conditions of the negotiating privilege, the developers told BDC they were not in a position to announce an operating management agreement for the hotel by the May 11 deadline.
Such extensions are not uncommon on large projects.
The developers have continued to negotiate with the city and the Hyatt.
The proposed 850-room hotel, to be built adjacent to the Baltimore Convention Center, is scheduled to open in 2001.
About 29 percent of the $150 million project would be publicly subsidized. Angelos wants the city to donate the site, which is assessed at $10 million.
He also wants a 20-year waiver on an estimated $17 million in taxes, and wants the city to use its credit rating to win favorable borrowing rates for $16 million in revenue bonds to finance parking facilities.
Pub Date: 5/29/98