The board is expected to convene in executive session during the meeting, as it continues the arduous process of sorting through the language for a letter of intent aimed at the Settles Hotel Development Company — amounting to $3 million in funds — and its ongoing efforts to restore the building.

“We’re going to continue working on the language for the letter of intent during the session,” said McLellan. “It’s a pretty complicated process, and we want to make sure we thoroughly research every aspect of this before we move on to the next phase.”

Moore Development for Big Spring Inc. directors voted unanimously Dec. 8 to provide up to $3 million to help Brint Ryan — manager of the Dallas company and the founder and CEO of Ryan & Company — renovate the Settles Hotel, which he agreed to purchase for $75,000 from the city of Big Spring.

According to Moore Board officials, funding from the economic development corporation will be strictly limited to costs eligible for 4A tax dollars — mainly infrastructure expenditures — to be overseen by the board’s attorney.

Ryan’s company has placed $75,000 in escrow to pay for the building, according to city officials. Ryan said it was necessary for the company to wait to take control of the title to the building due to “timing issues” in efforts to renovate the structure and have it added to the national registry of historic places.

According to Ryan, SHDC is preparing for a $12 million renovation project which includes plans for commercial and residential use of the property, with retail space available on the first and second floors.

Board members are also expected to meet in executive session to discuss personnel matters — specifically the hiring of an executive director for the economic development firm — during the meeting.

“During our last meeting we interviewed a candidate, so things are moving forward,” said McLellan.

Moore Development has been without an executive director since longtime director Kent Sharp announced he would be resigning in August 2006.

The meeting is set to begin at 5:15 p.m. Wednesday in the Big Spring Area Chamber of Commerce board room, located at 215 W. Third Street.

Contact Staff Writer Thomas Jenkins at 263-7331 ext. 232 or by e-mail at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it