Initial bids for Phase I of the Hotel Marshall renovation total at or under the $1.5 million available for the project, but the negotiation process is on-going and construction costs are still falling, according to investor Jerry Cargill and local attorney Richard Anderson, who is business manager for the project.

Because negotiations are still intense, the men said they could not provide the project's final cost but once contracts are signed, they will be able to provide a total cost breakdown and more detail.