Two months after the expiry of a financing deadline for a new hotel in the capital, City of Hamilton Mayor Graeme Outerbridge says that developers are meeting all their obligations under the agreement.While developers and the City are giving little away about the project that Government says will create 600 jobs and deliver a five-star hotel in the heart of Hamilton, there are indications that financing may be coming together. And it may involve taxpayers’ money.In April fresh agreements were signed with the developers said to include strict deadlines for a St Regis hotel, the specifics of which were not released at the time. The new agreement contains “specific and strict” timelines that hold both the City and the developer accountable, then Mayor Charles Gosling said in announcing the deal.It gave developers Par-la-Ville Hotel and Residences Ltd 120 days to present its financing scheme to the City and the Bermuda Monetary Authority.BMA approval of the financier was also required during this period.In August when the deadline expired, Donald Smith, local shareholder, told this newspaper that financing for the project was in place, and that the project would break ground this year.Mr Outerbridge told this newspaper last week that the hotel developers were “meeting the obligations of the extended lease”.But he would not answer any questions about the details of the project, instead referring us to the developers.Nor would the Mayor reveal the specifics of the agreement.“New agreements were put in place earlier this year. At the time of the announcement, The City of Hamilton did not divulge the specifics of the agreement and we will continue to take this stance,” he said.Sources close to the project indicate that the developers had been told by the financiers to present $15 million before they could complete the deal.The City was approached for a short-term loan but the outcome of those discussions is unclear.The Royal Gazette also understands that Premier Paula Cox is attempting to facilitate arrangements to secure the financing.“The Premier is away on business so there will be no comment at this time,” said a Government spokesperson when asked whether the Premier would clarify Government’s role.Last night Mr Smith indicated that the developers were not yet ready to talk to the press about the project.Some observers have expressed concerns about conflict of interest since Mr Smith, vice president of Par-la-Ville Hotel and Residences, was elected to the City Council.He was named Deputy Mayor shortly after the historic election which saw city residents vote for the first time.And the new administration has not signed the Corporation’s Code of Conduct which governs conflict of interest issues, instead opting to review it and other good governance documents.Last week, Mr Outerbridge said that the Code was still under review by the Governance Committee.“They are currently looking at how other jurisdictions have strengthened their Code of Conduct for elected representatives of cities. The ultimate goal of the committee is to have the final version embedded in the Municipalities Act.”But he assured this newspaper that Mr Smith recuses himself whenever the hotel project is brought up at City meetings for discussion.