DETAILS Downtown project

Details from the memo of understanding between the city and FaulknerUSA on the proposed downtown civic center project:
Project site
The city will take steps to acquire the project site by Feb. 1.
Feasibility
Feasibility studies for an arena and hotel done by the company are due by Feb. 1.
Site and architectural plans
The company is to provide a preliminary site plan and architectural drawings for an arena, conference center and hotel by March 1. The city will provide comments within seven days. Working plans, including engineering and architectural plans and specifications, are due by March 30 or 15 days after the city approves the preliminary plans.
Project financing
The company must provide a preliminary plan by March 15 that includes projected costs to acquire, design, finance, develop and build the project; the projected annual cost for 10 years to operate and maintain the project; and any additional funds to be used beyond the city's $26.8 million federal grant. An updated plan is due by May 1.
Expenses
Each side will pay its own expenses related to the memo.
Definitive agreement
Each side can end negotiations if a contract isn't reached by May 15.
Source: City of Youngstown