No logic in hotel deal
I’m a common-sense type guy. I look at things and try to understand the logic behind them. Well, I am completely baffled by the amount of our tax dollars that are being applied toward incentives for The Mayton Inn.
A quick review: $1.4 million federal HUD loan (for a luxury hotel); $1.2 million property loan; $800,000 loss in the sale of the property; $1.2 million loss in the waived developer’s fees; $325,000 in demolition and grading costs; and $5 million in incentives for 40 low-end jobs.
And are these jobs part time? I don’t understand the logic.
I saw the chart that Sandy Jordan from the Cary Chamber of Commerce presented to the Town Council at its retreat. It was a chart that showed companies that committed to moving to Cary, the amount of Cary incentives and the number of prospective jobs.
MetLife is receiving approximately $1.5 million in incentives over an eight-year period for 1,100 jobs. That makes good business sense. But $5 million for 40 jobs – absolutely not.
Someone please explain why the town would risk so much of our tax dollars for a downtown hotel and 40 jobs. I thought the whole incentive to revitalize the downtown was to encourage people to come downtown. This hotel does nothing of the sort. I don’t understand the logic.