OXFORD — The Board of Selectmen on Thursday night corrected an error that would have required the owners of the Hampton Inn on Route 26 to provide an investment value of $2 million in three days.

Town Manager Derik Goodine told the board that the town entered into a credit-enhanced agreement with hotel owner GIRI Group LLC on March 30, 2015, through the town’s tax-increment financing program. The agreement said certain values had to be reached by certain dates or the TIF benefits would expire.

Goodine said the dates in the agreement were incorrect because it called for GIRI’s property to reach a $2 million investment just days after the agreement was signed. The property, which was just land at that time, was valued at about $600.

The agreement said that if GIRI did not meet the investment level by April 1, 2015, it would be fined $25,000 by the town. That agreement further called for the value to reach $10 million by April 2016.

Goodine said as of April 1, the property had about $5 million in value.

Goodine said he had no idea how the mistake happened. Chairman Scott Owens requested that an extension of the date of the agreement be placed on the agenda.

Goodine was not town manager when the agreement was signed.

The board unanimously approved extending the agreement to 2017 to correct the mistake. It will be signed by Goodine and GIRI.

The hotel, across from Oxford Casino, is not finished. Goodine said he had a long conversation with the owner this week and believes the hotel will be finished in about a month.

In other business, selectmen:

• Awarded the bid for a 3/4-ton pickup for $32,378 to Bessey Motors, and one-ton dump truck for $43,432 to Quirk. Quirk’s bid was about $1,000 higher than one submitted by Bessey Motors, but the truck can be picked up immediately from Quirk, as opposed to a wait of eight or more weeks. The town’s one-ton dump truck is out of service.

• Approved a liquor license for Ocean Pearl and waived a public hearing because it has had no violations in five years.

• Appointed Joelle Corey-Whitman assistant code enforcement officer and alternate plumbing inspector.  

• Approved the acceptance of a $1,665 grant and authorized an additional $3,030 from the Police Department’s operating account for the department to purchase a WatchGuard video for a cruiser. The department has two other video cameras installed in cruisers.

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