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10/20/2014

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Good
 
afternoon
 
Councilmembers. I
 
understand
 
that
 
the
 
path
 
to
 
build
 
a
 
complex
 
project
 
is
 
not
 
simple.
 
However,
 
there
 
are
 
some
 
fundamental
 
questions
 
regarding
 
the
 
project
 
that
 
have
 
remained
 
unanswered.
 
I
 
am
 
here
 
with
 
5
 
questions.My
 
name
 
is
 
Murtaza
 
Baxamusa,
 
and
 
I
 
am
 
the
 
Director
 
of 
 
Planning
 
and
 
Development
 
for
 
the
 
San
 
Diego
 
Building
 
Trades
 
Family
 
Housing
 
Corporation;
 
as
 
well
 
as
 
adjunct
 
faculty
 
with
 
the
 
Sol
 
Price
 
School
 
of 
 
Public
 
Policy
 
at
 
the
 
University
 
of 
 
Southern
 
California.
1
 
First
 
question:
 
Do
 
Hoteliers
 
have
 
same
 
interests
 
as
 
taxpayers
 
in
 
operating
 
the
 
Convention
 
Center?
Food
 
and
 
beverage
 
and
 
ancillary
 
services
 
make
 
up
 
a
 
majority
 
of 
 
the
 
revenues
 
of 
 
the
 
current
 
center,
 
for
 
which
 
it
 
may
 
compete
 
with
 
adjacent
 
hotels.
 
More
 
than
 
half 
 
of 
 
all
 
events
 
held
 
at
 
the
 
center
 
over
 
the
 
years
 
are
 
Meetings,
 
Community
 
events,
 
and
 
Food
 
&
 
Beverage
 
events.
 
These
 
meetings
 
generate
 
significant
 
local
 
business
 
that
 
is
 
not
 
captured
 
by
 
hotel
 
room
based
 
performance
 
measures.
 
Consumer
 
shows
 
provide
 
a
 
national
 
and
 
international
 
platform
 
for
 
San
 
Diego
 
business.
 
They
 
draw
 
the
 
largest
 
number
 
of 
 
attendees
 
per
 
event.
 
Meetings
 
and
 
events
 
with
 
food
 
and
 
beverage
 
also
 
draw
 
food
 
and
 
beverage
 
revenue
 
for
 
the
 
center,
 
and
 
fill
 
in
 
the
 
gap
 
between
 
larger
 
conventions.
 
As
 
these
 
events
 
are
 
held
 
by
 
local
 
businesses
 
and
 
organizations,
 
they
 
do
 
not
 
generate
 
“heads
 
in
 
beds”.
 
It
 
should
 
be
 
noted
 
that
 
35%
 
of 
 
the
 
gross
 
revenue
 
from
 
Food
 
and
 
Beverage
 
sold
 
in
 
the
 
center
 
by
 
Centerplate
 
goes
 
directly
 
to
 
fund
 
the
 
operations
 
of 
 
the
 
center.
 
2
 
Second
 
Question:
 
Where
 
does
 
the
 
money
 
come
 
from?
The Convention
 
Center
 
Financing
 
District
 
is
 
being
 
floated
 
under
 
the
 
following
 
assumptions:(1) Every
 
attendee
 
to
 
the
 
large
 
Conventions
 
will
 
spend
 
$500
 
on
 
lodging.
 
As
 
most
 
of 
 
us
 
who
 
live
 
in
 
Southern
 
California
 
and
 
have
 
attended
 
the
 
ComicCon know,
 
not
 
every
 
attendee
 
needs
 
a
 
hotel
 
room.(2) There
 
will
 
be
 
657
 
thousand
 
new
 
room
 
nights,
 
a
 
steady
 
state
 
of 
 
increased
 
room
 
demand
 
for
 
the
 
duration
 
of 
 
the
 
bond,
 
almost
 
30
 
years.
 
This
 
is
 
not
 
backed
 
up
 
by
 
current
 
reservation
 
blocks.(3) The
 
Average
 
Daily
 
Rate
 
(ADR)
 
of 
 
hotel
 
room will
 
be
 
$185.
 
This
 
table
 
shows
 
that
 
such a
 
high
 
rate is
 
 justified
 
for
 
downtown
 
or
 
La
 
Jolla,
 
but
 
not
 
for
 
Mission
 
Valley
 
or
 
Old
 
Town.Note:
 
Sensitivity
 
analysis
 
of 
 
the
 
IBA
 
on
 
General
 
Fund
 
contribution also
 
found
 
a
 
significant
 
swing
 
in
 
revenue
 
depending
 
on
 
ADR
 
assumptions.
3

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