Now that the deal is underwway, I hope it works out over the time frame of the borrowed money.
Thanks for your reply, Dan.
Did not have a chance to reply to you sooner, sorry for the delay.
I voted against this deal until this past Tuesday. The deal is not perfect but according to Patricks numbers, it will sustain itself. I took his analysis one step further and used my own worst case scenario of 50% occupancy and room rates at $100 night. It still sustains and pays for itself WITHOUT using any sales tax dollars. The items that will pay for this are the property tax(developer agreed to not contest), H and R taxes. Plus, the $9 mil developer fee has gone away and the developer makes his money from the operating profits of the hotel.