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Joey Kulkin
401 followers -
Annnnd the pitch ...
Annnnd the pitch ...

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Dan Mahoney via haycreekhotels.onmicrosoft.com
Feb 18 (2 days ago)

Hi ... Thanks for the note & follow up.

Our company has studied the opportunity extensively & believes a hotel in Bennington could be successful under the right circumstances.

We would be open to a consulting and management opportunity if your investor partners are willing to underwrite and own the hotel project.

If this is a possibility, we would welcome the opportunity to present a technical services and management proposal.

I’m open anytime on Monday to discuss further.

Best,
Dan

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Greetings,

I am aware that 25% of the new revenue generated by the new grand list values created by a TIF project would go to the Education Fund and 75% would go towards paying off the municipal bonds. That distinction must not have come through in my conversation with the reporter.

I think that the Education Fund should only be used to finance pre-K through 12 education, and it should not be involved in any way with development projects.

I think the TIF approach is based on the assertion that the private development would not have taken place, or would have taken place very differently without the public infrastructure investment. This is not an auditable assertion.

I am also concerned that if a municipality votes for a bond for infrastructure improvements assuming that private investment will create new grand list value and revenues to pay back the bond, and then something goes wrong and the new properties are not created, the property tax payers will have a heavier payback burden than they expected. I am not sure people understand this.

I think it would be better for the Bennington County delegation to push for getting the PFOA situation taken care of in the best way possible, and to keep the Vermont Veterans Home operating well.

There is no guarantee that the TIF cap will be lifted by the Legislature, that the Bennington TIF district will get approved if it is, and that Bennington's specific project would then be approved by the VEPC board.

This is not a process that I would want my downtown's development to rest upon. I think it would be better to do municipal bonds for needed water and sewer and road improvements as phased projects, and then the infrastructure is in place or in prospect for new development proposals, whether they are small scale or large scale.

Then the town and the voters control what is happening, and the project and proposals are not distorted by TIF requirements, or held up by that process.

Cynthia B.
Rep. Cynthia Browning
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Putnam Block goes back on market as a whole in 2015.
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2/20/17
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From February 2015 when Bennington Select Board member, running for re-election, said that the Greenberg family was not selling their property in parcels when, in fact, they were.
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Seeking visionary #retailers  to $50 million revitalization project in beautiful Downtown Bennington Vermont. Click the link and consider the possibilities. We're smack-dab in the heart between New York City, Boston, and Montreal.

https://www.docdroid.net/IVliOGY/recruiting-fun-funky-business-to-downtown-bennington.pdf.html

Looking to open a fun and funky business in Downtown Bennington? We've got between 1,500 and 2,000 square feet in a soon-to-be revitalized historic block.

https://www.scribd.com/document/334620602/Recruiting-Fun-Funky-Business-to-Downtown-Bennington

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BENNINGTON DREAMS AGAIN (Downtown Hotel Demand is Strong)

Pinnacle Advisory Group confirmed what many here have known for years: The demand for a hotel in Downtown Bennington is strong.

The Boston-based consultant went one further by saying a downtown hotel would expand the market, thus allaying fears from local innkeepers that new lodging would siphon their customers.

"As identified throughout our field work," Pinnacle wrote in its Phase 1 summary that was released today, "there is existing demand for a hotel with walk-able amenities which can cater to all three segments of demand."

Those three segments are corporate, group, and leisure.

The Phase 1 report was finalized Wednesday and Town Manager Stu Hurd authorized Pinnacle to begin Phase 2.

"Very encouraging is an appropriate description," Stu said today. "The demand does exist for a downtown hotel with amenities within walking distance. The survey of local businesses indicated corporate demand. The findings also point to group demand and leisure demand. In Phase II, we expect to gain more specific information regarding the potential facility including number of rooms, the market, pricing, level of service, and the like. We expect this detailed report sometime after the New Year."

According to STR Inc, which tracks supply and demand data for the hotel industry, the Town of Bennington has 12 lodging properties combined for 407 rooms. Aside from the two branded properties, a 58-room Best Western and an 80-room Hampton Inn, the lodging supply is primarily small inns and motels ranging in size from 16 to 78 rooms.

There are no hotels or motels in downtown proper. A full-service boutique hotel with spa, restaurant, conference space, and other amenities would raise the downtown's profile significantly. It would also create jobs.

In its conclusion, Pinnacle said "The local market is currently losing lodging demand for a variety of reasons such as of lack of availability during peak periods, lack of walkable amenities such as restaurants and shopping, and lastly, minimal meeting space to host private events/meetings.

"In conjunction with the revitalization of downtown Bennington, we believe there is demand for a new hotel development. Additionally we believe the presence of a hotel would complement any efforts to revitalize downtown."

Read the full report: http://bit.ly/Pinnacle_Phase1
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