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Redevelopment Commission approves three-month extension for Hotel Carmichael loans
Summary
The Commission unanimously approved a three-month extension of the Hotel Carmichael loan arrangement (Resolution 26-01); the extension keeps existing terms while due diligence on a planned expansion continues, and the CRC remains a loan backstop as described on the record.
The Carmel Redevelopment Commission voted to approve Resolution 26-01, authorizing a three-month extension of the current loan arrangements for the Hotel Carmichael. Executive Director Henry Mestetzky told the Commission the CRC is a backstop on those loans and that the extension preserves the same terms while the city and project partners pursue due diligence on a proposed…
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