George Brumback, chairman of the Guilford County bond authority board, says his group is "stuck in the middle" of the hotel bond process.

The board was charged by the county commissioners with vetting the stimulus bonds before they can go on to the Local Government Commission in Raleigh. Yet these bonds do not meet the usual criteria for issues it considers.

The vague requirements of the legislation leave the board unsure of its fiduciary responsibilities in this case. 

Brumback says one clear intent of the legislation is to create jobs. "This hotel project is the only thing I've seen that meets the intent of the legislation, so we gave it a number one priority," he says.

Yet viability is also a core concern.

His best guess is that the bond authority board would approve a project that has its formal requirements in place, without getting very deep into any supporting case for viability.

So if the developers make it to the local board, they'll likely make it all the way to Raleigh.