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Council approves 90‑day extension for Grand Hyatt construction loan, developer to pay monthly fee if delayed
Summary
Seaside extended the schedule of performance for the Grand Hyatt resort hotel construction loan to July 31, 2025, approving a negotiated monthly fee intended to compensate the city if closing is delayed.
The Seaside City Council voted to extend the schedule of performance for the Grand Hyatt resort project on May 15, approving a negotiated 90‑day extension to secure a construction loan. The extension conditions require the developer to pay the city $40,000 per month for any months past the current deadline; if the developer secures a construction loan by July 31, the city will not collect the initial $120,000 that accrues during the extension.
Background and terms
The Grand Hyatt resort project has proceeded in phases for several years: the…
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