Developers delivered a revised, scaled-back plan for the hotel last week. They say they believe they’ll get approval this time...
Is the project still dependent on a taxpayer funded parking deck?
“We’re very confident,” said Bridget Chisholm of Urban Hotel Group , which is developing the hotel with Randall Kaplan’s Elm Street Center group.
The bonds aren’t government money — local, state or federal — or even government-backed loans.
What are the Tax Credits?
If the debt to be sold and the Tax Credits are subsidized by the government,
is more tax revenue needed to account for the profits the project takes
from taxpaying businesses
that would have otherwise captured the business?
Instead, they’re basically IOUs issued by local government bond authorities.
If the bonds go bad, could it affect the City and County's credit rating
if poor oversight and due diligence is found?
Institutional investors — usually banks or mutual funds — buy them because the interest they yield is tax-exempt.
Is this sentence not flat out incorrect, if the end buyers of said "institutional" tax-exempt stuff
are almost always individuals looking for higher yields with less taxes?
Chisholm said her group chose to find a qualified institutional buyer for the bonds rather than provide a letter of credit from a bank, something the bond authority had asked about when last it reviewed the hotel project.
Can someone explain to the public how debt that was in need of a guarantor
suddenly does not need one?
“I’ve been in New York, we’ve been talking with potential bond buyers, and we have addressed the credit enhancements and things that we want,” Chisholm said.
Can someone explain to the public what "credit enhancements" means?
She said her group will be able to show that the 10-story luxury hotel could be a success at the corner of South Elm Street and February One Place, across from the International Civil Rights Center & Museum.
If the hotel is in part dependent on Civil Rights Museum Attendance,
how has the Museum performed relative to projections?
The new plan scaled back the number of rooms to 180 from 200. Chisholm said the revised project will make better use of the existing Empire and Regency Rooms, which now host conferences and social gatherings.
Have the new “hypothetical” assumptions been compared to the old?
Did the 23% increase of the 2012 Rev/PAR forcast relative to only 10% fewer rooms
occur within 3 months?
Doesn't that seem like an unusually large jump
in the space of a very short amount of time?.
“One of the strengths of the new proposal is that we really took a hard line and looked at the existing enterprise and the market and said with our partners: Let’s right-size this,” Chisholm said.
Where is the complete copy of the new opinion
that contradicts W&R Hospitality Services, Inc.’s January 18, 2010 opinion
to the City of Greensboro’s Andy Scott?
...If the project is approved by the county’s bond authority, the Guilford County Board of Commissioners will hold a public hearing on the project.
What is the deferred developer fee?
How much cash is being put up?
How can the raw land under a property that sold for $450,000 in 2002
be worth upwards of $4,000,000 in 2010?
Is Deena and her boyfriend still in on it?
...Chairman Melvin “Skip” Alston was a broker on the hotel deal in its early stages. Although his work with the project has ended, Alston said he will recuse himself from further board discussion of the hotel to avoid a conflict of interest.
How often do brokers get paid before the closing of a real estate deal?
Was Skip paid before or after the adoption of the Ethics Code?
If he was paid before the adoption of the Ethics Code,
was the payment accelerated on his behalf?
If it was accelerated,
should he be called on it by the Greensboro News and Record Editorial Board,
the Rhino, the Carolina Peacemaker and Yes Weekly?
Chisholm said developers are looking forward to Tuesday’s meeting and are eager for approval; the bond program expires Dec. 3.
“We wouldn’t have filed unless we were ready and knew we could get this across the finish line,” she said."
How did they file it last time?
How did they file it last time?
Greensboro News & Record