Posted on 07/12/2017 1:33:39 PM PDT by hsmomx3
SHERATON SALE UPDATE EXPLAINED:
Here is a better way to show you how you are being “snookered” by Phoenix officials on this new taxpayer paid Sheraton
Original taxpayer paid funding: $355 Million
TLG Offer(excluding give aways): $255 Million
TLG value of their wants:
Reserve Account: -$13 Million
GPLET(Property tax give away) value. -$50 Million
True value of sales price: $192 Million
Operating Losses:
Start up cost: -$10 Million Operating Losses: -$37 Million
Total Operational Losses: -$47 Million
Total loss to taxpayers -$210 Million
What could $210 million have gotten you: 1,555 new police officers 500 miles of new roads Thousands of children served for after school programs….thousands
Why are we allowing this to happen? Why are we not up in arms over this?
As the boss, which taxpayers are, why are you not holding the politicians accountable? Please share this so that others can see the true cost to you. Thank you
BREAKING-Big Time Corporate Welfare-You are about to get Snookered again:
Remember when Phoenix politicians used $355 Million of your tax dollars to build the Sheraton? Well, it turns out it is worth less than $200 Million today-in a high growth period. The same city that just voted to add $2.3 Billion MORE to the pension debt on a high interest rate has found out that their last BIG investment is a huge bust. Taxpayers be wary of anyone telling you this is a good deal. You have been snookered by the politicians and city staff on this Sheraton deal and you are being snookered again. This time for over a $155 Million loss of your money.
The City of Phoenix has sent out a statement on the sale of the Sheraton. This statement is NOT true. It does not include the give away of the reserve account nor does it include the GPLET(PROPERTY TAX GIVE AWAY) value the city is throwing in the deal. The REAL number is less that $190 Million(my actual accounting is at the office-and this is a conservative number for today) Phoenix Statement:
"The City of Phoenix continues to actively work to sell the Sheraton Grand Phoenix downtown hotel. Most recently, the city signed a Letter of Intent on July 10, 2017 to accept an offer from TLG Phoenix to purchase the Sheraton Grand Phoenix for $255 million. There are numerous, complex steps that are part of this transaction and the Phoenix City Council still must approve the agreement." The reporter was provided a copy of the Letter of Intent and a few more additional points related to the new agreement including buyer proposed renovation upgrades, value of the hotel for tourism and downtown infrastructure, and details on a GPLET lease expected to be part of the transaction. The statement also included: "The city is pleased with the Letter of Intent from TLG Phoenix, a corporation related to Thayer Lodging Group that has experience buying and improving world-class hotels."
I would encourage you to contact him should you have questions.
Sal should run for Mayor. I keep telling him that but he says he’s not interested.
>>>Phoenix City Council <<<<
Phenix City has long been known for its corruption. They even made a movie about it in the 1950s. https://en.wikipedia.org/wiki/The_Phenix_City_Story
Fortunately, the state of Alabama finally did something.
I told him the same thing. He would be the best thing to happen to this city in a long, long time.
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