Hey inquisitiveone-ga,
Here's a press release from Mayor Webb's office that discusses the
original expansion plans and its financing. It indicates
"Out-of-town visitors who use the convention center will finance the
expansion through an increase in sales tax on short-term car rentals
and hotel rooms."
Here's another article that discusses the expansion:
http://usaenews.com/news/Sept_4_2001/Denver.htm
This spring, some problems developed. As the following article
indicates, the city terminated the plan for a convention-center hotel
when the developer would not "guarantee an opening date for the
hotel." "In place of the Berger plan, Webb proposed a city-financed
and city-owned hotel on a site to be determined." Now, "Webb is
proposing the creation of a city-affiliated nonprofit company that
would issue tax-exempt bonds to pay for the hotel construction. City
officials are still in the process of selecting a site and estimating
the cost."
http://www.denverpost.com/Stories/0,1413,36%257E33%257E629046,00.html?search=filter
Other organizations are involved, but I found no mention of any
'501(c)(3) or 501 (c)(4) non-profit organization."
"Webb also accepted recommendations from a committee he appointed to
hire several consultants to evaluate the financial feasibility of the
hotel.
The firms include HVS to determine the cost of building the hotel,
Convention Sports and Leisure to update a study on demand for the
convention center and Hospitality Real Estate Counselors as the city's
consulting assistant in hiring a hotel operator.
The city also said it has hired the Kutak Rock law firm to assist with
legal matters on preparing bonds for sale."
Perhaps the best way to get a truly definitive answer is to contact
the city directly.
Hope this helps! :-)
mmi-ga |
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