2020-10-19 Coral Mtn Cost Revenue Analysis1
From:Nicole Criste <ncriste@terranovaplanning.com>
Sent:Monday, October 19, 2020 10:03 AM
To:Gilbert Villalpando
Cc:Cheri Flores
Subject:Re: Coral Mountain Resort Cost Revenue Analysis
** EXTERNAL: This message originated outside of the City of La Quinta. Please use proper judgement and caution when opening
attachments, clicking links or responding to requests for information. **
You’re very welcome, and thanks for the compliment!
Nicole Sauviat Criste
Principal
TERRA NOVA PLANNING & RESEARCH, INC.®
42635 Melanie Place, Ste 101
PALM DESERT, CA 92211
(760) 341-4800
FAX#: 760-341-4455
E-Mail: ncriste@terranovaplanning.com
From: Gilbert Villalpando <Gvillalpando@laquintaca.gov>
Date: Monday, October 19, 2020 at 10:00 AM
To: Nicole Criste <ncriste@terranovaplanning.com>
Cc: Cheri Flores <clflores@laquintaca.gov>
Subject: Re: Coral Mountain Resort Cost Revenue Analysis
Thank you Nicole! You are amazing!
Thank you,
Gilbert Villalpando | Assistant to City Manager
City Manager's Office
City of La Quinta
78495 Calle Tampico ◦ La Quinta, CA 92253
Ph. 760.777.7094
www.laquintaca.gov
www.playinlaquinta.com
From: Nicole Criste <ncriste@terranovaplanning.com>
Date: Monday, October 19, 2020 at 9:57 AM
2
To: Gilbert Villalpando <Gvillalpando@laquintaca.gov>
Cc: Cheri Flores <clflores@laquintaca.gov>
Subject: Re: Coral Mountain Resort Cost Revenue Analysis
** EXTERNAL: This message originated outside of the City of La Quinta. Please use proper judgement and caution when opening
attachments, clicking links or responding to requests for information. **
Gil,
I’ve attached the original report, and the summary table for 30 hotels. That’s everything I’ve produced at this time. Note
that without TOT, we’re upside down.
Nicole Sauviat Criste
Principal
TERRA NOVA PLANNING & RESEARCH, INC.®
42635 Melanie Place, Ste 101
PALM DESERT, CA 92211
(760) 341-4800
FAX#: 760-341-4455
E-Mail: ncriste@terranovaplanning.com
From: Gilbert Villalpando <Gvillalpando@laquintaca.gov>
Date: Monday, October 19, 2020 at 9:41 AM
To: Nicole Criste <ncriste@terranovaplanning.com>
Cc: Cheri Flores <clflores@laquintaca.gov>
Subject: Re: Coral Mountain Resort Cost Revenue Analysis
Hi Nicole,
Do you have a copy of his latest report? I don’t have anything with hotels.
Thank you,
Gilbert Villalpando | Assistant to City Manager
City Manager's Office
City of La Quinta
78495 Calle Tampico ◦ La Quinta, CA 92253
Ph. 760.777.7094
www.laquintaca.gov
www.playinlaquinta.com
From: Nicole Criste <ncriste@terranovaplanning.com>
Date: Monday, October 19, 2020 at 7:58 AM
To: Gilbert Villalpando <Gvillalpando@laquintaca.gov>
Cc: Cheri Flores <clflores@laquintaca.gov>
Subject: FW: Coral Mountain Resort Cost Revenue Analysis
3
** EXTERNAL: This message originated outside of the City of La Quinta. Please use proper judgement and caution when opening
attachments, clicking links or responding to requests for information. **
Gil,
Can you let Garrett know if he’s in the clear, or if further discussions or guarantees need to be discussed? Please keep
me in the loop so I know what he needs to do, if anything.
Thanks,
NIcole
Nicole Sauviat Criste
Principal
TERRA NOVA PLANNING & RESEARCH, INC.®
42635 Melanie Place, Ste 101
PALM DESERT, CA 92211
(760) 341-4800
FAX#: 760-341-4455
E-Mail: ncriste@terranovaplanning.com
From: Garrett Simon <gsimon@meriwetherco.com>
Date: Friday, October 16, 2020 at 11:01 AM
To: Nicole Criste <ncriste@terranovaplanning.com>
Cc: Gilbert Villalpando <Gvillalpando@la‐quinta.org>, Jon McMillen <jmcmillen@laquintaca.gov>
Subject: Re: Coral Mountain Resort Cost Revenue Analysis
Thanks Nicole. It looks like we are good here as well. Please let me know if there is anything else we need to do on this
matter.
Please Add Good,
Garrett Simon
970-596-6642
www.meriwetherco.com
On Oct 13, 2020, at 3:06 PM, Nicole Criste <ncriste@terranovaplanning.com> wrote:
Garrett,
Attached is the summary table for the 30 room hotel option. I have not written it up in the report, and
can do that if you would like. The reductions are proportional, because the number of people on the site
is reduced, which reduces costs as well as revenues.
4
Let me know if you have any questions.
Nicole
Nicole Sauviat Criste
Principal
<image001.png> TERRA NOVA PLANNING & RESEARCH, INC.®
42635 Melanie Place, Ste 101
PALM DESERT, CA 92211
(760) 341-4800
FAX#: 760-341-4455
E-Mail: ncriste@terranovaplanning.com
From: Garrett Simon <gsimon@meriwetherco.com>
Date: Sunday, October 11, 2020 at 12:21 PM
To: Nicole Criste <ncriste@terranovaplanning.com>
Cc: Gilbert Villalpando <Gvillalpando@la‐quinta.org>, Jon McMillen
<jmcmillen@laquintaca.gov>
Subject: Re: Coral Mountain Resort Cost Revenue Analysis
Yes, 30 rooms in phase 1. Thank you.
Please Add Good,
Garrett Simon
970-596-6642
www.meriwetherco.com
On Oct 11, 2020, at 12:20 PM, Nicole Criste <ncriste@terranovaplanning.com> wrote:
Garrett,
Yes, I can run it based on 30 rooms. Do you expect those still in Phase 1, or later. We’d
not talked about numbers or timing, so I need those specifics.
Nicole
Nicole Sauviat Criste
Principal
<image001.png> TERRA NOVA PLANNING & RESEARCH, INC.®
42635 Melanie Place, Ste 101
PALM DESERT, CA 92211
(760) 341-4800
FAX#: 760-341-4455
E-Mail: ncriste@terranovaplanning.com
5
From: Garrett Simon <gsimon@meriwetherco.com>
Date: Sunday, October 11, 2020 at 8:36 AM
To: Nicole Criste <ncriste@terranovaplanning.com>
Cc: Gilbert Villalpando <Gvillalpando@la‐quinta.org>, Jon McMillen
<jmcmillen@laquintaca.gov>
Subject: Re: Coral Mountain Resort Cost Revenue Analysis
Nicole,
Can you now sensitize this for 30 hotel rooms as we discussed?
Please Add Good,
Garrett Simon
970-596-6642
www.meriwetherco.com
On Oct 9, 2020, at 1:16 PM, Nicole Criste
<ncriste@terranovaplanning.com> wrote:
Gentlemen,
The streamlined cost revenue analysis we discussed is attached. This is
the report only. I am cleaning up the model run tables, and those will be
appended to the report when the final document is completed.
Please review at your convenience, and provide comments. We can also
set up a call/meeting if there are questions.
Have a good weekend!
Nicole
Nicole Sauviat Criste
Principal
<image001.png> TERRA NOVA PLANNING & RESEARCH, INC.®
42635 Melanie Place, Ste 101
PALM DESERT, CA 92211
(760) 341-4800
FAX#: 760-341-4455
E-Mail: ncriste@terranovaplanning.com
<LQ Coral Mountain Resort Cost‐Revenue Analysis 10.8.20.pdf>
6
<Summary Rev. Costs 30 Rooms 10.13.20.pdf>
Aid in Future COVID‐19 Relief Funding and Get Your Community Counted! Take the 2020 Census Online Here:
https://my2020census.gov/, Everyone Counts!
Aid in Future COVID‐19 Relief Funding and Get Your Community Counted! Take the 2020 Census Online Here:
https://my2020census.gov/, Everyone Counts!
Coral Mountain Resort
Summary of Major Revenues and Costs
I. Introduction
The following analysis has been prepared to analyze the major City of La Quinta
revenue and cost categories associated with the development of the Coral
Mountain Resort project. The project consists of a General Plan Amendment,
Change of Zone, Specific Plan and Tentative Tract Map on 386 acres at the
southwest corner of Madison Street and Avenue 58.
The project would result in the development of 600 single family attached and
detached residential units, 150 hotel rooms, a 60,000 square foot neighborhood
shopping center and 57,000 square feet of resort retail development. The project
is to be a private club, and with the exception of the neighborhood commercial
shopping center, would not be generally accessible to the public.
For purposes of this analysis, it has been assumed that maximum potential build
out would occur. Should fewer units or square footage be constructed, costs and
revenues to the City would also be reduced.
The project site is located in south La Quinta, in an area which, when annexed,
was encumbered by the County of Riverside’s Redevelopment Agency. As a result,
the City has not, and will not receive property tax on the project site until 2035.
This analysis has been prepared to determine what costs and revenues will be
generated by the project, absent property tax revenues.
The applicant provided unit values and other assumptions used in this analysis,
which are provided below. Phasing assumptions are based on the phasing provided
in the project’s environmental documentation, Specific Plan and other documents.
The project is to be built in three phases. For purposes of this analysis, annual
revenues and costs are calculated at build out of each phase, and build out of the
project. The application materials provide for a build out year of 2026. Given the
scope of the project, and La Quinta’s historic residential absorption rates, this is
likely an aggressive assumption for 600 residential units and a hotel.
Coral Mountain Resort Cost/Revenue Analysis
October, 2020
Page 2 of 9
• 26 estate homes with an average price of $6 million per unit built in Phase 1.
• 104 Surf Village homes with an average price of $2.75 million per unit built
in Phase 1.
• 470 homes with an average price of $2 million per unit built in Phase 3.
• 150 hotel rooms built in Phase 1.
• 10,000 square feet of neighborhood commercial, and 57,000 square feet of
resort commercial development built in Phase 1.
• 25,000 square feet of neighborhood commercial development built in Phase
2.
• 25,000 square feet of neighborhood commercial development built in Phase
3.
• Hotel average daily rate of $350 per room.
• Resort commercial Food and Beverage sales of $6.6 million annually.
• Resort Commercial retail sales of $5.5 million annually.
• Short term vacation rental participation of 30% of 600 units.
• Short term vacation rental occupancy rate of 45%.
• Short term vacation rental rate of $800 per unit per night.
It should be noted that the applicant’s values and assumptions are generally
consistent with conditions in La Quinta and the region in non-pandemic times.
Hotel room rates and short term vacation rental (STVR) rates vary greatly in the
City and region. Greater Palm Springs Convention and Visitors’ Bureau reports
support the hotel rates provided. STVR rates and occupancy are also consistent
with the higher end of that market. It should be noted that until 2020, La Quinta
did not track room nights or occupancy for STVR, and the use of 2020 year-to-
date data would not be an accurate representation of occupancy levels in non-
pandemic years. Therefore, the assumptions provided by the applicant have been
used. Based on those assumptions, 180 of the residential units would be STVRs,
which would generate a total of 29,565 room nights annually.
This analysis is based on 2020 dollars. No inflation or cost of living adjustments
have been made to either costs or revenues. Therefore, proportional increases in
both can be expected over the build out period and beyond.
Finally, this analysis addresses only major General Fund revenues. Additional costs
and revenues will be associated with the project, such as the collection of
increased gas tax, to offset road maintenance. Both the revenues and the costs
associated with these restricted funds are limited, and will not substantially change
the economic benefit or loss associated with the build out of the project.
Coral Mountain Resort Cost/Revenue Analysis
October, 2020
Page 3 of 9
II. Revenues
Three primary revenue categories have been analyzed for this report: Property
Transfer Tax, Sales Tax and Transient Occupancy Tax. As noted above, the project
will generate no property tax for at least 15 years. Therefore, no property tax has
been assumed, nor has Property Tax in Lieu of VLF been included.
Revenue allocations are directly tied to the phasing proposed for the project.
Revenues will begin in Phase 1, which includes the hotel and 130 residential units,
as well as 67,000 square feet of commercial space. Phase 2 includes only the
addition of neighborhood commercial square footage, and a corresponding
increase in sales tax revenue. Phase 3, which includes an additional 470 housing
units and the balance of the neighborhood commercial square footage, will result
in a significant increase in revenues. Build out calculations are based on a
stabilized project, relying on averaged resales of residential units for the life of the
project.
The following discussion summaries the result of the modeling conducted for this
report. Detailed tables are provided in Appendix A.
Property Transfer Tax
The City receives Property Transfer Tax for properties sold within this area. The
sales rates have been assumed based on average sales per year, both new and
resale, during the build out of the project. Buildout assumptions, for every year
once the project is fully developed, were also calculated.
It should be noted that no property transfer tax was calculated for either the hotel
or the commercial square footage in the project. These sales occur infrequently,
are not predictable, and will only rarely increase the City’s revenues during the life
of the project.
For purposes of this analysis, it was assumed that 130 units would be constructed
in Phase 1. Of these, 104 units would be valued at $2.75 million, and 26 at $6
million. This represents the resort residential portion of the project located
adjacent to the hotel and wave pool, as well as the 26 custom home sites located
at the northwest corner of the resort complex. The balance of the residential
development, 470 units, would be built in Phase 3 of the project, and upon
completion, would represent build out of the proposed project. As shown in Table
1, at build out the project would generate $74,800 annually in Property Transfer
Tax at build out.
Coral Mountain Resort Cost/Revenue Analysis
October, 2020
Page 4 of 9
Table 1
Annual Property Transfer Tax Revenue
Phase 1 Phase 2 Phase 3 Build Out
Total Property Transfer Tax $44,880 $38,500 $127,600 $74,800
Sales Tax
The applicant provided annual retail sales and food and beverage sales estimates
for the resort commercial complex, which includes the hotel and commercial
village proposed in the southern quadrant of the project. No assumptions were
provided for the neighborhood commercial development proposed in the
northeastern corner of the project. For analysis purposes, the 60,000 square feet
of commercial space was calculated separately, using Urban Land Institute
regional calculations for neighborhood shopping center sales per square foot. For
the proposed 57,000 square feet of resort commercial space, the applicant’s
assumptions were divided by the project square footage to generate sales per
square foot. Consistent with the project description, retail space is assumed to be
built in Phase 1 for the resort commercial, and in Phase 1, 2 and 3 for the
neighborhood commercial component.
The City receives 1% of the total 6% State sales tax rate, and an additional 1%
generated by Measure G, which was approved by the voters in 2016. In total,
therefore, the City receives 2% of most retail sales.
On the basis of the assumptions described above, the project will generate
$570,040 in sales tax at build out, as shown in Table 2.
Table 2
Annual Sales Tax Revenue
Phase 1 Phase 2 Phase 3 Build Out
Total Sales Tax Revenue $276,523 $423,282 $570,040 $570,040
Sales tax was calculated for project generation only. In addition, residents will
likely expend funds elsewhere in the City and region. Assuming the project has a
high percentage of STVRs, as described above, the off-site spending associated
with the project could be more characteristic of a hotel visitor, rather than a
permanent or seasonal resident. If this is the case, spending will be more limited,
and may occur almost entirely within the project. If the project is occupied by
more permanent or seasonal residents, disposable income will be spent both in the
project and elsewhere in the region. In order to assure a conservative estimation
of revenues, therefore, no indirect sales tax generation is included in this analysis.
Coral Mountain Resort Cost/Revenue Analysis
October, 2020
Page 5 of 9
Transient Occupancy Tax
The City collects Transient Occupancy Tax (TOT) for both hotels and short term
vacation rentals (STVR). Hotels charge 11% in TOT per room night, while STVRs
collect 10% per room night. Occupancy and rates, as described above, vary
between the two uses. Hotels in the Coachella Valley, pre-pandemic, were
experiencing annualized occupancy rates of about 68%, due in great part to the
low occupancy levels in the summer months. This annualized occupancy rate was
used to calculate TOT for the project’s hotel.
Data for STVR occupancy, as described above, is limited in both the City and
region, especially since this is a relatively new phenomenon that all cities are
experiencing. In La Quinta, approximately 6.5% of all single family units are
currently used as STVRs. The City also has several projects built for vacation
rentals, including Legacy Villas and Puerta Azul. As described above, this analysis
assumed that 30% of the total residential units in the project would be used as
STVRs, and that they would be occupied 45% of the time.
Based on these assumptions, TOT revenues from the project would represent the
single largest revenue source for the City. At build out, the project would generate
$2.8 million in TOT revenue, as shown in Table 3.
Table 3
Annual Transient Occupancy Tax Revenue
Phase I Phase II Phase III Build Out
Total Transient Occupancy Tax Revenue $1,735,849 $1,735,849 $2,829,480 $2,829,480
Summary of Revenues
The major revenue categories associated with the project will result in a total of
$3.47 million annually to the City at project build out. As described above, and
shown in Table 4, more than 80% of these revenues are tied to Transient
Occupancy Tax. An increase or decrease in TOT revenue would significantly affect
the project’s revenue stream. Please see Section IV of this report for further
discussion of the impact of TOT revenues on City funds.
Coral Mountain Resort Cost/Revenue Analysis
October, 2020
Page 6 of 9
Table 4
Summary of Annual Revenues
Phase I Phase II Phase III Build Out
Property Tax $0 $0 $0 $0
Property Transfer Tax $44,880 $38,500 $127,600 $74,800
Local Sales Tax $276,523 $423,282 $570,040 $570,040
Transient Occupancy Tax $1,735,849 $1,735,849 $2,829,480 $2,829,480
Total Annual Revenues $2,057,252 $2,197,630 $3,527,120 $3,474,320
III. Costs
As with revenues, this analysis considers the largest costs associated with new
development as they would impact the General Fund. Restricted funds were not
analyzed, but the costs associated with City-wide roadway maintenance and
similar costs which are payed through restricted funds would be limited for a
project of this size, and offsets by additional revenue categories, including Gas
Tax, which the project will generate.
Three major categories were analyzed for cost impacts: General Government, Fire
Services and Police Services. In all three cases, a per capita cost was developed
based on the current (2020/2021) adopted City budget expenditures for Police and
Fire costs, and the previous year (2019/2020) adopted budget for General
Government costs. The reason for the variation in budget year analysis was solely
due to the deep cuts the City has implemented in 2020 for pandemic-related
revenue shortfalls. The $10 million in cuts in personnel, facility expenditures and
other General Government categories are expected to be short-term in nature,
and do not reflect the level of service the City would provide in non-pandemic
conditions. The 2019/2020 adopted budget, therefore, was used to calculate
General Government expenditures.
For Fire and Police expenditures, both are directly tied to contracts with the
County of Riverside, which increase yearly and over which the City has no control.
The current (2020/2021) aggregated costs associated with both services, for
example, are 4% higher than the previous year (2019/2020), regardless of
pandemic conditions. Therefore, the 2020/2021 contract costs were used to
calculate per capita expenditures. In addition, hotel rooms were counted as
residential units, to reflect the demand for police and fire services at hotel and
resort facilities. The household size, 2.6 persons, was calculated based on
Department of Finance 2019 estimates. Project population is assumed, at build
out, to total 1,950 persons.
Coral Mountain Resort Cost/Revenue Analysis
October, 2020
Page 7 of 9
Finally, to determine per capita costs, Department of Finance’s population
estimates for 2019, which total 40,660 persons in La Quinta, were divided into the
total budget amount for each category, as described below.
The following discussion summaries the result of the modeling conducted for this
report. Detailed tables are provided in Appendix A.
General Government Costs
General Government costs include a broad range of services, from business
licenses to short term vacation rental permitting, and from recreation programs to
Code Enforcement. The project, however, will not have an impact on all General
Government activities, particularly where economies of scale occur based on the
City’s existing population. For this analysis, the following budget categories were
included: Community Resources (which includes recreational programs, Wellness
Center and Code Enforcement), and Facilities (which includes parks and public
building maintenance, and limited street funding). The total General Fund costs
associated with these programs is $7,671,900. On a per capita basis, this
translates to a cost of $188.68 per resident. As shown in Table 5, the costs of
General Government associated with build out of the project will be $367,926
annually.
Table 5
Annual General Government Project Costs
Phase I Phase II Phase III Build Out
Total Annual Costs of General Government $137,362 $137,359 $367,926 $367,926
Fire Service Costs
As described above, Fire Service costs are based on a per capita cost of the
2020/2021 budget. The current cost for Fire Service contracting is $8,021,700. On
a per capita basis, the cost is $197.29. Based on the project’s build out population
of 1,950 persons, the project will generate an annual cost to the City of $384,710
at build out, as shown in Table 6.
Table 6
Annual Fire Service Project Costs
Phase I Phase II Phase III Build Out
Total Annual of Fire Services $143,625 $143,625 $384,710 $384,710
Coral Mountain Resort Cost/Revenue Analysis
October, 2020
Page 8 of 9
Police Service Costs
Police Services represent the single largest expenditure for the City. The
2020/2021 contract with the County of Riverside totals $17,506,700. On a per
capita basis, this translates to $430.56 per resident. As shown in Table 7, the total
costs for Police Services at project build out will be $839,598 annually.
Table 7
Annual Police Service Project Costs
Phase I Phase II Phase III Build Out
Total Annual Cost for Police Services $313,450 $313,450 $839,598 $839,598
Summary of Costs
General Fund costs associated with project build out will total approximately $1.22
million annually at build out of the project, as shown in Table 8.
Table 8
Annual Project Cost Summary
Phase I Phase II Phase III Build Out
General Government $137,362 $137,359 $367,926 $367,926
Police Protection Services $313,450 $313,450 $839,598 $839,598
Fire Department Services $143,625 $143,625 $384,710 $384,710
Total Project-related General Fund Costs $457,075 $457,075 $1,224,308 $1,224,308
Coral Mountain Resort Cost/Revenue Analysis
October, 2020
Page 9 of 9
IV. Comparison of Revenues versus Costs
Table 9 compares the project’s revenues to anticipated costs. As shown in the
Table, based on the assumptions made in the analysis, the project will result in
positive revenues for the City at build out.
As the Table shows, the positive cash flow is entirely dependent on the Transient
Occupancy Tax revenues projected for the project. Without TOT revenues, the
project will be revenue negative, with the exception of completion of Phase 2,
when the project will be revenue neutral. Phase 2 includes the addition of 25,000
square feet of neighborhood commercial space, and related sales tax revenue,
with no increase in population density. The sales tax revenue generation makes up
for the shortfall shown in Phase 1. At project build out, without TOT revenue, the
project would be revenue negative at about $579,468 annually.
Table 9
Summary of Project Revenues and Costs
Phase I Phase II Phase III Build Out
ANNUAL REVENUES
General Fund:
Property Tax $0 $0 $0 $0
Property Transfer Tax $44,880 $38,500 $127,600 $74,800
Local Sales Tax $276,523 $423,282 $570,040 $570,040
Transient Occupancy Tax $1,735,849 $1,735,849 $2,829,480 $2,829,480
ANNUAL COSTS
General Fund:
General Government $137,362 $137,359 $367,926 $367,926
Police Protection Services $313,450 $313,450 $839,598 $839,598
Fire Department Services $143,625 $143,625 $384,710 $384,710
SUMMARY OF REVENUES/COSTS:
Revenues:
Total Annual Revenues at Phase
Buildout $2,057,252 $2,197,630 $3,527,120 $3,474,320
Costs:
Total Annual Costs at Phase Build
Out $457,075 $457,075 $1,224,308 $1,224,308
Annual Cash Flow at Phase Build Out $1,600,177 $1,740,555 $2,302,812 $2,250,012
Annual Cash Flow without Transient
Occupancy Tax Revenue -$135,672 $4,707 -$526,668 -$579,468
Summary of Project Revenues and Costs
30 Hotel Room Option
Phase I Phase II Phase III Build Out
ANNUAL REVENUES
General Fund:
Property Tax $0 $0 $0 $0
Property Transfer Tax $44,880 $38,500 $127,600 $74,800
Local Sales Tax $276,523 $423,282 $570,040 $570,040
Transient Occupancy Tax $589,165 $589,165 $1,682,796 $1,682,796
ANNUAL COSTS
General Fund:
General Government $78,493 $78,491 $309,058 $309,058
Police Protection Services $179,114 $179,114 $705,263 $705,263
Fire Department Services $82,072 $143,625 $384,710 $384,710
SUMMARY OF
REVENUES/COSTS:
Revenues:
Total Annual Revenues at
Phase Buildout $910,568 $1,050,946 $2,380,436 $2,327,636
Costs:
Total Annual Costs at Phase
Build Out $261,186 $322,739 $1,089,973 $1,089,973
Annual Cash Flow at Phase
Build Out $649,382 $728,207 $1,290,464 $1,237,664
Annual Cash Flow without
Transient Occupancy Tax
Revenue $60,217 $139,042 -$392,332 -$445,132