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Council grants amendment to Bombers development agreement, extends financing deadlines
Summary
Council approved Amendment No. 8 to the Johnston Golf/Bombers development agreement, giving the developer additional time to secure financing and extending the construction completion deadline by roughly one year.
Johnston City Council voted to approve Amendment No. 8 to the development agreement with Johnston Golf Development LLC (the “Bombers” project), allowing the developer more time to secure financing and extending the construction completion schedule.
City counsel explained Amendment No. 8 would extend prior deadlines: the developer must provide a fully executed term sheet by Oct. 31, document sufficient equity 60 days later and document financing 60 days after that, and order steel within 90 days of establishing a construction loan. The amendment extends the construction-completion target from Dec. 31, 2025, to Dec. 31, 2026. The ad hoc economic development committee recommended staff prepare the amendment after meeting with the developer to consider the developer’s extension request.
Developer representatives reported they had a signed term sheet from April 3 and that lender discussions continued; they told the council the financing option(s) available had evolved and that another lender option also had been presented. The developer said the project already has significant sunk costs on the site and that roughly $2.4 million in city-funded predevelopment grants have been paid under prior agreement provisions. The developer also told the council their hotel partner would contribute $2 million cash and could invest up to $5 million in the Bombers project, which the developer said added equity to the overall financing package.
Council members noted the project’s long timeline and past extensions and asked for assurances about forward progress. Staff and developers said they were confident enough to bring the amendment to council but acknowledged continuing market uncertainty and state legislative matters affecting financing.
After discussion, the council approved Resolution 25-113 amending the agreement to extend financing deadlines and the construction timeline; staff said the amendment gives the developer roughly six months to secure an executed term sheet and additional months to close on financing and to order required construction materials.
