El Paso is one step closer to securing the next location of a major resort, and the City is ready to take the next steps to seal the deal.
“It’s important that I reassure our taxpayers and El Pasoans that we have a 9 month window with FSW, and it’s very clear in the contract with FSW,” City Economic Development Director Jessica Herrera told KTSM.
The City of El Paso moved forward to close the deal with Great Wolf Lodge Resorts. On Tuesday the City made a unanimous vote to swap 44 acres of land currently owned by local billionaire Paul Foster, with 23,000 acres of Public Service Board land in Northeast El Paso.
“The city of El Paso has entered into a 9 month due diligence process with Mr. Foster, his development corporation. In the event that Great Wolf Lodge does not come to El Paso, the deal with Mr. Foster will not go through. I just received confirmation from his attorney that that’s the deal that we’ve entered into,” City Attorney Karla Nieman shared.
The City is in a negotiating window to finalize the deal with the FSW Investment for the land in Northwest El Paso, but staff is hoping for a quick response to finalize the deal and moved the project forward.
“Because the transaction is very complicated and very intertwined, Great Wolf Lodge Resorts has 18 months to make a decision to come to El Paso. We have 9 months with FSW to exchange the land. So we’re working in getting a decision with both companies within the 9 months,” Herrera shared.
As the City of El Paso waits for an answer from Great Wolf Lodge Resorts within the 18 months, it now has 10 business days to make its land swap decision official.