The City of West Palm Beach and the Related Group (Related) had their first substantive discussion today regarding the Convention Center hotel, and why Related believes it will not be able to honor its commitment under the 2005 Settlement Agreement to pay property taxes on the hotel.
The City is looking forward to receiving from Related its financial documents that the developer says justifies its claim that it won’t be able to afford to pay those taxes.
The process will now involve the City’s careful review of those documents. In order to fulfill its responsibility to its residents, the City anticipates working with independent industry experts to check to see if the developer’s financial assumptions and conclusions justify its claim and support its request to modify the 2005 Settlement Agreement.
The City continues to be excited about the possibility of a Convention Center hotel and is looking forward to working together with Related towards that goal.