|By Tonya Alanez, Sun Sentinel, Fort
Lauderdale, Fla.McClatchy-Tribune Regional News
July 18, 2012--HOLLYWOOD -- The long-awaited and much-ballyhooed Margaritaville project has been thrown off course by lack of financing and property-boundary evaluations required by Broward County.
As a result, the City Commission is expected to vote Wednesday to suspend enforcement of any deadlines for the stalled $138-million project until a new financing plan and time frames can be worked out.
A new financing scheme for the 17-story, 349-room beach resort won't likely be in place until September when the commission returns from a month-long break.
Developer Lon Tabatchnik is negotiating with undisclosed investor groups for the more than $70 million needed to complete the Jimmy Buffet-themed venture.
He is also asking the city's Community Redevelopment Agency to lend $23 million instead of an initial $10 million.
And in the latest unexpected glitch, Broward County is requiring the developer to precisely define boundaries and how the project affects public rights of way, roads and services. That process could delay the project by at least four months.
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