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Hollywood to get Margaritaville resort update Tuesday

The Hollywood Commission will get an update on the Margaritaville Beach Resort at its Tuesday meeting.

Last month, the commission gave the developers of the $130 million beachfront complex more time to figure out how to fund the proposed project.

At Tuesday’s meeting, staff is expected to discuss the proposals submitted to the city by developer Lon Tabatchnik regarding new funding options.

Originally, the developers planned on getting foreign investors to lend $500,000 a piece through a federal program. But in May the developer said he would seek other funding sources because the original plan was taking too long.

The proposal included asking for about $15 million more from the Hollywood Community Redevelopment Agency.

This isn’t the first time the developer as gotten a reprieve. Earlier this year, the commission agreed to push back the opening from March 2014 to August 2014.

Also on the agenda: An item that would allow Oakwood Plaza to have more space for offices instead of industrial buildings and an item to ban the sale of herbal incense and synthetic bath salts. Hollywood would follow several other local cities in a ban against bath salts after it was believed that the substances may have cause a gruesome attack in Miami.

The meeting starts at 1 p.m. Tuesday at City Hall, 2600 Hollywood Blvd.

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