Quote:
Originally Posted by Jelly Roll
"Once the project is completed, its market value is expected to be $95.8 million. It is expected to generate $220.6 million in incremental tax revenues over 20 years and will represent an estimated $25.8 million net gain to the city and $12.3 million to the school district over those two decades."
This project is really expected to only be worth $95.8 million after costing 280.4 million to build?
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The valuation was approved as the taxable value and it was based on a comp set of hotels within the city and how they are taxed. It is before debt so upon completion the hotel has a negative value until it pays down the debt with cash flow. If during the term of the TIF the city raises the taxes then the TIF will be paid off in less than 20 years. Not all taxes were TIF'ed.