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The Flywheel/Trask Development Team, pulled together by Mandalay Baseball earlier this spring, had proposed to assume responsibility for the loan. But council wasn't buying into it because it put too much financial burden on the city.
And now the team has backed out. Raiford Trask III, co-developer of the team, said the group decided to back off after it was clear the issue would show up on the November ballot.
No one is being bilked. The $50,000.00 a day represents liquidated damages for a failure to deliver the product on time, and is a very standard provision in the RE industry. Normally, the owner would then pass that risk on to the GC which is bidding for the job, and it will make sure that the GC dedicates enough staff and effort to getting the job done on time. Don't forget, there is some magic to a mid-March date; the team kind of needs the facility by then, and other arrangements become very difficult if the date is not met.
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