Under financing for the hotel expansion, base rent payment will go up by $150,000 a year, starting in 2017, and increase by 3 percent each year through 2029.
The agreement Council approved also calls for a share in profits from the new hotel, as with the existing hotel. Those payments and profit sharing more than make up for what the hotel would pay if it were taxable, according to city officials.
Gray said he’s talked to the School District of Lancaster about perhaps splitting the profit sharing. While details haven’t been worked out, he said he was thinking the split would be close to half. Council would have to approve such a deal.
From the October 12, 2016 LNP article, “Lancaster City Council approves $30M Marriott hotel expansion,” (click here).
Can we expect LNP to report accurately whether these payments have been made? Of course not. That’s why LNP is breaking every journalism code of ethics in this country.