Dan Irving - Wish He Were Stilll On the City Council Note 2011 Datre

Pere Hotel Expansion Insights

Now that the deal is underwway, I hope it works out over the time frame of the borrowed money.

Thanks for your reply, Dan.

Merle

Hi Merle:

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.

Call or write me anytime, thank you

Dan Irving

THURSDAY, NOVEMBER 03, 2011

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