producers, staffing, promotions, scheduling, etc. This operator would
likely pay a token rent to the City and be entitled to all profits earned
(if any). It is essential that this operator be experienced and present
a business plan and budget, i.e. a pro forma that is acceptable to City
staff, the Steering Committee, and the CDE. This business plan and
budget may require an annual payment from the endowment fund.
The NMTC investor will be particularly interested in this business plan
and budget as it seeks assurances that the deal is financially viable
and its investment will not be at risk during the 7-year NMTC
compliance period. Finally, early selection of a lessee/operator will
allow that entity to participate in the planning/design process. An
RFP is currently being drafted and should be circulated in early
October.
| think that this covers the current status of the project. Please do not
hesitate to contact me if you have any questions or desire additional
information.
Thank you.
