City grants Wilson a December 2022 extended due diligence period on Majestic lot amphitheater
During last night's board meeting (April 5, 2022), the Hot Springs Board of Directors voted to amend the current contract with R.A. Wilson Enterprises, which has extended Wilson's due diligence period for his amphitheater project from April 16, 2022, to Dec. 15, 2022.
Initially, Wilson planned to start construction on the amphitheater no later than this month, with events starting by March 2023. Check out more on the initial proposed project, here. On March 14, Wilson requested a January 2023 extension in his due diligence period. Check it out, here.
According to a Hot Springs Board Report, Wilson said, "the extension is to allow more time to complete all the due diligence and design functions necessary for this project."
"On July 20, 2021, the Board passed Ordinance No. 6388, authorizing a real estate contract with R.A. Wilson Enterprises, Inc. for the sale of the 5.2-acre property in order to construct an outdoor entertainment pavilion," the report said. "The proposal called for a 5,000-seat venue, styled similar to the Walmart AMP located in Rogers, Arkansas. The submitted site plan included a large stage for performing arts, along with concessions, covered permanent seating and tiered patron seating on the lawn.
"The negotiated purchase price was $2,163,128, with earnest money of $100,000 that is currently held in escrow. The contract also provided a due diligence period of 180 days, which expired on Jan. 16, 2022, but was extended per the contract for another 90 days for the buyer to have additional time to conduct a diligence review. That extension was set to expire on April 16.
"The Board granted another extension until Dec. 15, 2022, allowing 15 days for completion of a contract to be closed by Dec. 30. It was also agreed that 25% of the $100,000 earnest money, or $25,000, will be released to the City on July 20 if a contract has not been closed or canceled by that time. The remainder of the earnest money, $75,000, will be released to the City on Oct. 20 if the contract has not been closed or canceled."