Randy Baker, president of RCG Management Group, which owns Canyon Ridge Club and Resort, looks out over the Pigeon Mountain Wildlife Management Area from the edge of the 18th hole of the club’s golf course. The spot where Baker is standing soon will be transformed into an outdoor patio, part of the future Canyon Ridge Hotel and Conference Center which is expected to break ground in early to mid 2011.Despite a setback that developers are calling “another bump in the road,” plans are still on track to build a multimillion-dollar hotel and conference center at Canyon Ridge Club and Resort in Walker County.
Randy Baker, developer of Canyon Ridge atop Lookout Mountain, said Tuesday although two sets of government bonds meant to help finance the project – Build America bonds and Recovery Zone Facility bonds – expired Friday before they could be sold, that doesn’t mean his plans have stalled.
“Our plan hasn’t changed at all. We’re still moving forward and optimistic the deal’s going to happen,” he said, adding it could be finalized within the next 30 days.
The project team still has access to $21 million in Recovery Zone Facility bonds that expired at the end of 2010. The bonds can still be sold, just not at a tax-exempt rate, Baker said.
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