They are one step closer to renovating Big Spring's Settles Hotel and on Friday they provided a timeline for the much anticipted project.
In a press conference, the Settles Hotel Development Company announced the completion of an agreement with the Moore Board where the Board will donate three million dollars.
The company will get six million more from another investor.
They are currently working to get some grant money from a historical group.
Demolition will begin as soon as possible and should take about three months.
"We're hoping that it encourages a lot of the current business owners that are not doing a lot with their properties to get involved and really transform this downtown area. Big Spring has a huge amount of resources and it's a win-win for everyone involved," Christopher Ryan, General Manager with the Settles Hotel Development Company, said.
Ryan says the total project should cost around 12 million dollars.
Right now, they are trying to get architects under contract.