07-27-1998 EDA - Laserfiche WebLink

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Commissioners also agreed to recommend William Laube as an alternate, in the event that either of the other two recommended candidates accepts an appointment to another City commission or is otherwise unable or unwilling to serve on the EDC. S 6. REPORTS FROM CHAIR, COMMISSIONERS,AND STAFF: EDC members and staff commented briefly on the prior discussion of the Mermaid project. Commissioners asked whether the Halls' "equity investment" of$1.1 million ($250,000 + $850,000) consisted of cash, or cash and land/building(s), or land and building ; one. It was also suggested that the projected 10%interest rate on the Banquet C a er fi ..ng may be significantly higher that the actual rate that could probabl be ob 50.., + at the stated 10 year amortization period may be significantly shorter e ti $} t is usually used for projects of this kind, thereby artificially inflating nual oper � ��w< es. With reg to the "Ameridnn Hotel Investment Analysis,"it w• :rested • = zd�� "'x "average daily rates"ranging from$62 to$70 for years 1 thr=,§€1 5 wer ': 'the lo Fed • ranging from$75 to$85 would probably be more u3 to ' 'ssioners c •"at it might be useful to get some advice or input on then related matters f b objective third party(consultant, analyst, etc.)who is more f <Y<< evenue projections, anticipated operating expenses and financing arrangements for . a •e. The Commissioners indicated that they apprecia the oppo ;; ; more about project, and that they are looking forward t. •tom,ma. .,,,'ore abou ect periodically, as it progresses. 7. ADJOURNMENT There being no further buss• .-fore R ommiss•, , this meeting of the Economic • Development Commission turned •roxim ,' 7:50 p.m. Resp:: „ >;- •mitted, Carroll • omic Development Coordinator • N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDCIEDCMIN98\EDCMIN07.98 1