Parker Place Hotel
Project Financial Information:
 Total Project Cost - $14,053,714
 Financial Project Gap - $1,818,800 (12.9% of total project cost)
o Equity Needed - $400,000-$500,000
PAR Loan and Land Cost:
 Outstanding Parker Authority for Reinvestment Loan - $877,818.75
o Land Value- $768,996.00 ($18.10 per square foot x 42,486 square feet)
Incentive Mix:
 Total Town Incentive - $1,077,131(Estimated Total Tax and Fee Assistance Program)
o Sales Tax- $896,874 (Graduated rebate 75%-55% over 10 years)
 Year 1 – 75% ($100,453)
 Year 2 – 70% ($97,699)
 Year 3 – 65% ($94.492)
 Year 4 – 60 % ($90,904)
 Years 5-10 - 55% ($513,326)
o Use Tax and Permit Fees - $180,257 (60% rebate)

Total Parker Authority for Reinvestment Incentive- $760,723
o Tax Increment Financing – $337,825 (50% rebate for 5 years)
 Tax Increment estimates were based on a project valuation estimate from
the Douglas County Assessor’s Office.
o Write Down of Land- $422,948 (55% of land value)

Total Town and Parker Authority for Reinvestment - $1,837,854

Town and PAR benefits - $5.6 Million
o Property Tax Increment (2019-2034): $2.1 Million
o Total Project Sales Tax Estimates: $3.2 Million
o Total Project Use Tax Estimates: $269,000
o Total Project Permit Fee Estimates: $38,000

Public Improvements Eligible for Incentives:
Parker Place Hotel project meets the following goals of the Town’s Tax and Fee Assistance
Program:
 Creates new jobs – estimated 50 jobs from hotel/restaurant operations
 Creates new sales tax
 Contributes to the diversity of jobs and employment opportunities
 Represents retail diversity
Parker Place Hotel followed and met the Parker Authority for Reinvestment’s Incentive Policy
and Guidelines for public sector participation:
 Qualification Review- does the project meet the criteria and goals of the Authority?
o Parker Authority for Reinvestment Advisory Committee project review and
qualification recommendation – September 28, 2016
 Financial Need Review: does the project have a quantifiable financial need, if so, what is
the need?
o Authority Board review and Authority Board decision on an agreement- October
3, 2016