08-11-99 Regular Meeting of La Porte Tax Increment Reinvestment Zone Board

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,.'. " .I' INTRODUcnON 1-2 competitive facility representatives, our evaluation of the area's ability to attract different types of group meetings and the current trends in the meetings market. The scope of this study included, but was not necessarily limited to, the following: 1. A market demand analysis, including an investigation of the local and regional meetings market and identification of the markets which offer the greatest potential use of the Center, 2. Surveys of associations, corporations and government agencies which were considered representative of major users of existing meeting facilities; 3. Development of a summary of the characteristics of the meetings market in terms of size, frequency, duration, occupancy characteristics, purpose, cost considerations, timing and services required. This also included indications of preferences for external and internal amenities of both the meeting center and lodging accommodations, service requirements, standards requirements and demand for additional services. In addition to the above major tasks, the following activities were accomplished: · an evaluation of directly and indirectly competitive properties in terms of rate structure, size and scope of facilities and services, occupancy characteristics and degree of success in the market; · an analysis of the site and surrounding area with regard to appropriate hoteVconference center location criteria; · an evaluation of the transportation systems in the region to determine the degree to which transportation access may affect marketability of the proposed facility; and · an analysis of facilities and services which would be required to attract and accommodate identified demand sources. Additionally, we developed estimates of overall occupancy and market mix for the first five full years of operation. Included are recommended rate structures for the various elements of the demand. Finally, we have prepared a detailed prospective financial analysis for the first five years of operation.