The first order of business for 2011 is to determine if Billy Bob has his $50 million in the bank as part of his commitment to the $250 million Entertainment Center project.
The Irving city council established December 31, 2010 as the deadline for him to come up with the bucks. Does he have the actual funds in the bank? Will the council hold him to the deadline if he doesn’t? Will the council be swayed by his having a “term letter” to supposedly meet this commitment?
From our understanding, a “term letter” is really only a financial institution stating that IF they loan you so many bucks, the interest and terms of repayment would be as documented when an actual loan agreement is finalized. A term letter does not put any bucks in your bank account!