Sam Merten over at Unfair Park dug through the documents accompanying the city’s February 11, 2009 refinancing of the convention center debt. In them, he discovered an analysis by HVS (the same group that has done all the convention hotel analyses) that estimates the city would produce higher revenues without a hotel than with it.
As I wrote back in our November issue, I support the concept of a convention hotel, but I believe the current proposal is badly conceived from a financial standpoint.
Our position:
On Proposition 1: Vote yes. Force the city to come up with a better alternative.
On Proposition 2: Vote no. This union-backed idea would stifle neighborhood redevelopment and economic growth.
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