Larry Vander Maten’s Virginia Living Histories company could have until June 2010 to begin construction on his planned “family vacation destination resort” under revisions to his lease approved Tuesday with Virginia’s Explore Park.

The lease amendment also raises Vander Maten’s investment commitment from $20 million to $90 million in the project's first three years and extends the lease’s initial term from 50 years to 99 years. Vander Maten told the board last month that he is convinced the proposed project, the details of which he's declined to reveal in public, is viable and that he intends to go ahead with it as soon as he obtains financing.

The Virginia Recreational Facilities Authority -- the entity that oversees the 1,100-acres that straddle Roanoke and Bedford counties -- Tuesday formally approved a series of lease revisions that its members accepted last month.

Vander Maten, a Florida-based developer, exercised an option under his original 2005 lease to extend the “inspection period” before he’s required to begin construction at the site. The lease amendment says that Virginia Living Histories “has not yet received all the governmental approvals it requires for said development,” and “has not yet secured a commitment for financing.”

The original lease called for construction to commence within three years – a deadline that would have expired next month. The amendment now extends that date to June 13, 2009, with an option for Vander Maten to extend it another year if he still doesn’t have approvals and financing in place.

The 2005 lease has a five-year lifespan, even if extensions are granted, for construction to begin.

The amendments "do not grant Vander Maten any new rights, it just explains the current situation we’re in," said Gregory Haley, the authority's attorney.