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<br />,~ <br />October 17, 1990 <br />Page 2 <br />Conceptually, the hotel envisioned will be valued between $10 and $12 Million <br />Dollars. It will employ approximately 120 new full time employees and require <br />additional part time and contractual personnel to meet banquet servicing needs. <br />Conservatively, this hospitality center will generate $370,000 in sales and hotel <br />tax revenues yearly. <br />1% City Sales Tax $ 40,000 <br />6-1/4% State Sales Tax $250,000 <br />4% Hotel/Motel Tax to La Porte $ 80,000 <br />• <br />Truly, the best way to predict the future is to create it. I'm convinced La <br />Porte's tomorrow starts with the City promoting and entering into public and <br />private joint ventures that make good business sense. <br />I recommend that the City Council entrust its administration to execute an <br />agreement with Sunbelt Hotels, Inc. to participate in the development of a hotel <br />study. <br />RTH/ms <br />October 22. 1990 <br />To: Mayor and City Council ~.~ <br />Please replace this page 2 dated October 17, 1990, correspondence with the <br />page 2, October 17, correspondence on agenda item #9. <br />Note: County Does not receive a sales tax. <br />I'm sorry for this mistake. <br />• <br />