The controversial issue centers on the city repaying $12 million in bond debt by using future tax revenue from the project planned by developer Bill Geary, president of Los Angeles-based Carlsberg Management Co. and Boardwalk Convention Hotel Partners Ltd. Taxpayers would eventually benefit by the city having a larger tax base from corporate revenue, city planners tell GlobeSt.com.

City commissioners approved the project May 21, marking the second time in 20 years that Geary is attempting the undertaking. Financing problems stalled the first effort. He was the only national developer to accept the city's new advertised proposal of the project, city planning staffers confirm to GlobeSt.com.

Geary plans to build two 250-unit hotels, an undetermined number of timeshare units, about 50,000 sf of retail and restaurant space, carnival rides and an arcade. A tentative ground-breaking date hasn't been announced but area construction industry estimators tell GlobeSt.com a project of this magnitude would take at least four years to complete, from permit-pulling to certificate of occupancy.