Gaylord Wants To Go It Alone

[producer2]

Here is the story from Today's Tennesseean:

link to story

I find it interesting that Gaylord wanted to be buddy, buddy with the MCC to get a part of the package, but know they want to go it alone!

[btw10712]

Gaylord's approach in DC:

http://www.washingtonpost.com/wp-dyn/conte...er=emailarticle

[smeagolsfree]

Gaylord's approach in DC:

http://www.washingtonpost.com/wp-dyn/conte...er=emailarticle

[MidTenn1]

I'm wondering if this rendering from Gaylord's website of the DC Hotel is a clue to what the proposed expansion of the Opryland Hotel may look like. It may be a little taller, however, I would expect more brick.

[producer2]

I think what they are doing in other cities is great and a part of being smarter than your competition. What they are trying to do in Nashville is IMO unfair. They rode in on the coattails of the MCC to get a part of the new tax dollar generated by the hotel/motel tax designed to build the MCC, THEN after saying they think both projects are good for the city, they want to be assured they get their money BEFORE the MCC gets approval. How is that for running an end loop......

[Hankster]

They certainly are not making in friends in the DC area it seems.

[MTSUBlueraider86]

Gyalord wanting $80,000,000 from Metro is obscene! I'll be furious if Metro gives it to them when they would not give that much to the Nashville Sounds, or to keep the Nashville Predators here.

[nashscan]

I was under the impression that after the themepark era execs left, the company took a direction that involved using a debt free approach to their expansions. I guess they are back to their old tricks.

[Jeeper12]

I was under the impression that after the themepark era execs left, the company took a direction that involved using a debt free approach to their expansions. I guess they are back to their old tricks.

[producer2]

I wouldn't characterize city issued bonds or TIF as debt per se. If they can get it done it's $80 million they would otherwise have to pay for themselves. And it would get paid back out of future real estate and/or sales taxes they would otherwise pay to the state or local governments anyway. Indeed a sweet deal for Reed if he can pull it off; I wouldn't bet against him.

The decision for the city/state is whether or not Gaylord would move forward with the deal anyway without the help. If they would then the city/state just wasted well over a hundred million in future revenue that would be lost to retire the bonds. This, BTW, is virtually the same decision the city faces on TIF to help get residential projects started in Nashville. The developers argue that it doesn't "cost" the city anything because the "free money" gets paid back by real estate taxes associated with the increased property value which wouldn't have existed if the project didn't move ahead. But again, if the developers are sandbagging the city and would move ahead anyway (or some other developer on some other site would build those units without TIF) the TIF proceeds and all the interest accrued on it over the years represents lost future revenue the city could otherwise use for other purposes (parks, schools, mass transit, etc.).

[MTSUBlueraider86]

I don't want Gaylord to get any TIF or any money. How much money did they cost the city when they closed the theme park? How much did they cost the city when they did not renew their naming rights for the now Sommet Center? How many illegals were they housing in apartments/hotels on Murfreesboro road near Plus Park Blvd? How many people from countries not friendly with the US are they getting employees from? How much did they cost the city by no longer hosting professional golf tournaments?

[ATLBrain]

Gaylord sounds like a totally rotten corporate citizen. I don't know much about them myself.

[Memphis10]

Is Gaylord that bad??...I might be working at the Gaylord in August..