By: Diane Benjamin
Here’s the hotel proposal for next Tuesday. CA 02-16-16 COW
No, I didn’t change the name – COW was already in it.
I see a number of problems, let me know what you see.
Part of Tuesday’s meeting is approving the minutes from the January 19th meeting. Sick Leave Buy Back was on that agenda. Obviously nobody is serious about fixing that problem – it’s been invisible ever since. Of course, the huge damage to taxpayers is already done.
The Mission is a lie. Goal #3, government does not create jobs, businesses, etc. I guess “right” fit means they get to pick and choose. Well heck there went my porno store idea. Aye’s are missing a check mark. Potted plants never vote Nay.
“hotel such as Hilton Garden Inn” – misleading
“financing commitments from lending institutions and investors” – aka they have no lenders secured
“$8.2 to 11.2 million in public assistance” – oh heck is that all, do they want that in $10’s or $100 bills, in Louis Vuitton or Hermes suitcases? Can’t be both.
“is projected to generate up to $16.9 million” – the man behind the curtain, Oz, he makes things happen too
“City stands to gain a net direct fiscal benefit of $5.7 to $8.7 million” – or some empty buildings and stuck with the bill. Roll the dice someone.
“estimates of financing gap and financing capacity can materially change” Duh you think so, seems they always do and guess in who’s favor and it sure isn’t the taxpayers.
“We recommend the City endorse BDRP’s” can the taxpayers get an addendum added to sue SB Friedman Development Advisors, well you know just in case this doesn’t work out. I mean they recommended it, take responsibility. Oh I didn’t think you would like that.
Read enough!
Honestly this project is a BIG JOKE!
I wonder how Snyder likes the city picking and choosing a competitive hotel, even the other hotels owners too.
Sick Leave Buy Back: “More information on this would be compiled within the next sixty (60) days.” Guess we will have to wait for staff’s report–probably status quo.
The biggest issue I see with this new downtown hotel project is the cost for and risk to the city has doubled. And, the rate of return is minuscule. Eerily similar to the Coliseum.
Here is another concern: The snake oil salesman is promoting this:
“While the TIF revenues result in a reallocation of Project real estate property taxes above the base, the BD as requested by BDRP involves levying an additional 1% hotel tax and 1% food and beverage/sales tax to be imposed within the Project boundaries. In addition, the City is a home rule municipality and therefore has the capacity to pledge the City’s local share and home rule hotel tax levies for the Project.”
It’s not so much what is IN the report but what is NOT. There is no mention of the cost to the City for updating the infrastructure (sewer) to support a 129 room hotel. Will all the bond money–raised from the recent sales tax increase–meant for street resurfacing, sidewalks and sewers be solely allocated to this project? Switch & bait–switch & bait–switch & bait.