Wednesday, April 8, 2009

Proposition 1: AKA own your own hotel

A few weeks ago I learned that my friend's (and mentor's) husband is running for the City Council in the Big D. (Hallelujah as he is a fine upstanding citizen with military and teaching experience, and is passionate about the community.... VOTE JOHN YOURSE!!) When she mentioned helping out by campaigning and handing out fliers I was a little worried I wouldn't know his stance on the upcoming issues, considering that I don't even know what the issues are. So as she was rattling off some of the things he stands for she mentioned something about a tax-payer owned hotel here in Dallas. Now maybe I had been living under a rock (or too obsessed with CNN) but I hadn't heard of this. But I figure if my tax money (or if not mine, friends of mine) is going to buy a hotel, I surely want to know what this is about!

So here's what I've gathered... Dallas is looking to build a hotel with $500 million dollars of taxpayer money. People who are all for building the hotel (or will vote AGAINST Prop 1) say that the hotel will help bring conventions to the Big D, resulting in over $200 million in city tax dollars.

Those against building the hotel (or FOR Prop 1) say that the $500 for the hotel could be better allocated elsewhere. And I can't say I don't agree! Now granted, I have a limited knowledge of financial shenanigans, and an even lesser knowledge of city planning/conventions, etc., but I have to wonder... Should we not maybe choose to spend $500 on a new homeless shelter? Or what about revitalizing Deep Ellum? If we need a hotel adjacent to the convention center, maybe the people all for that should invest in a REIT specifically for that purpose?

These are all just questions I have with no answers, but either way, there's lots to say about a publicly owned hotel. I'll keep my eyes peeled for the HPO! (Hotel Public Offering :D )

No comments:

Post a Comment