HOUSTON— The developer endorsed by Harris County to transform the Astrodome into a 1,000-room destination hotel complex has missed two deadlines to show suitable proof of a financial partner for the $450-million project, according to published sources. An August 2006 letter of intent signed by the county and Astrodome Redevelopment Corp. outlined various milestones to be met in the process. When proof of funding did not meet the specified December 2006 deadline, the county granted an extension to March 1. Scott Hanson, president with Astrodome Redevelopment, found a New York bank interested in backing the mammoth development. County officials were not satisfied with the commitment as presented. The Harris County Sports & Convention Corp., as overseer of the Astrodome for the county, wants confirmation that the bank will finance the deal as it goes forward, contingent on certain conditions being met throughout the process. Willie Loston, executive director of the Harris County Sports & Convention Corp., said Hansons funding source is solid. While neither side will name the bank, Loston said the county is willing to proceed with the deal based on the strength of the financial partner. Hanson is confident he will be able to provide the county with a more firm commitment from his backer. He says the New York bank has asked for updates on a feasibility study and construction costs. That work is in progress, he said, and the financing milestone will be met in a few more weeks. Loston said the missed deadlines do not put the deal in jeopardy. County officials have the discretion to pursue the transaction or pull the plug. Giving Hanson leeway on the timeline isnt costing the county because of a lack of any other serious parties proposing redevelopment.
