Foxhall

FOXHALL UPDATE

On March 8, 2018, the BOC was given an update on the Foxhall project.  There was speculation that the Foxhall developers were coming back to the BOC to ask for additional county involvement.  However, that was not appear to be the case at this meeting.

Harrison Merrill, Jr., went over where they were in the overall project pointing out the following:

·         They have transitioned the "event venue" into a resort

·         In 2016 – 2017 - Several Villas, the swimming pool and the Tennis Courts were               completed

·         The Restaurant opened in 2017

·         Several 2 and 3 bedroom villas are to open soon along with 14 Luxury Suites

·         The Clubhouse is scheduled to open in September 2018

·         There will be 250 rooms from the cottages/villas upon their completion

·         The Hotel (200 rooms), Conference Center, and Spa are scheduled to start                        construction in 2019

The most significant change was the announcement that NO EB-5 funds (foreign investors' Visa program) will be used; Foxhall is seeking private investors instead.  They have brought The Allen Morris Company (www.allenmorris.com) and The Stormont Hospitality Group ( www.stormonthospitality.com) on board to bring the project to fruition.

They pointed out that the infrastructure, including the roads into Foxhall and the sewer line from St. Andrews to Foxhall, is a very crucial component of the project.  Part of the $40 million bonds through the Douglas County Development Authority includes the funding for this infrastructure.  However, I believe these bonds should not be processed until Foxhall has all the private sector investors under contract.

Although Foxhall will make annual PILOT payments (Payment in Lieu of Taxes) for the duration of the 30-year abatement, those funds will not go to the County or the School system but will be diverted to a trust to pay off their bond debt.  The Hotel, Conference Center, Spa, cottages/villas and 95 acres are under the abatement.  They will, however, create sales tax that will go to the County and cities.

http://www.royssonglobal.com/eb5project_videos-foxhall1.html