Last Wednesday, HBRIC chairman Andy Pearce told councillors November 11 was the date "which we said we would assess whether or not we have probable demand to continue".
However, Napier-based Mr Bailey said every deadline was a moving target.
"Every time they have put a stake in the ground and say this is financial close day, they move it when they don't meet the target and they have some excuse," he said. "I think all the excuses are gone in terms of it is has been some months now since the board of inquiry (BoI) reached their final conclusions [in June this year]."
He said he did not believe the latest challenge lodged by Forest & Bird to have the Smedley land swap looked at should preclude people from signing up.
"I think there is mounting pressure on the regional council to say 'you guys have got to put a stake in the ground because it is costing money every month that it continues on'."
HBRC chairman Fenton Wilson said last night there had been many moving parts in this process that have been out of HBRIC's control, including the BoI and the judicial review lodged by Forest & Bird.
"We need to get through some processes that haven't been of our making to find out whether this thing is all go or not.
"And at the end of the day the heavy lifting continues in the background - that is the farmer discussions, the investor discussions."
Councillor Peter Beaven asked whether or not November 11 was still "a critical decision time" and,, if not, when would the HBRIC Board deliver a recommendation.
Mr Pearce said he would prefer to answer that in closed session.
Mr Newman said November 11 remained a crucial date for the HBRIC Board to "have a pretty serious look" at its uptake forecast and satisfy itself it has got sufficient demand to make a decision.
In regards to the sign-up to the water threshold, Mr Newman said the trajectory generally has been going the right way.
"How I would describe process on this area is sort of on a daily basis we have another one or two contracts dribble in," he said.
"I do expect that to gather a wee bit of pace in the next couple of weeks."
Councillor Tom Belford questioned such optimism of hitting this target between now and November 11.
Mr Newman said it was not optimism, "it is based on a hell of a lot of information and very solid information".
"Councillor Belford, if you have dealt with a few farmers over a period of time you would probably understand the deadlines, many of them are deadline-driven actually," he said.
"And we have a team of four people who are experienced - both farmers and also rural bankers who have spent a significant amount of their career in this type of business - who are giving this advice in discussions with farmers directly."
