Grand Bohemian Hotel, whats up here?

This entry is about the information I read in the following article 11-18-2009 by Christina Silva

ST. PETERSBURG — Downtown's long delayed Grand Bohemian hotel project stumbled again this week when city officials announced the developer could no longer honor the terms of its $1.5 million loan.

Something, well a whole lot does not add up. I read the article twice.
1. Was the entire lot including the part where the Progress Energy building was built sold for 5 million? How much was it appraised at?
2. Then progress energy put down 3.5 million and financed the rest? or 1.5 million which they can't pay now? But it's now Kessler not PE?
3. Progress Energy and Kessler Enterprise are partners? Why? PE is a real estate partner?
4. Kessler now borrowed 6 million against the property?
5. The city's 1.5 million is not protected?
Finally where is the phone number for the st pete loan dept. because I want to buy land for less than its worth, have the city finance it for me, then borrow a shitload of cash against it, more cash in fact then i ever put in. Wow...