That's true -- sort of.
The city estimates the hotel will generate in between $475,000 and $548,000 each year for Greensboro, by way of property taxes, sales taxes, business improvement district taxes and hotel taxes. (Those figures are based on the hotel having a 59 to 65 percent occupancy.)
If you look at it that way, then the project will pay for itself.
But not all those taxes flow back into the city's general fund -- the property tax fund -- which will be paying out the incentive. Hotel taxes and BID taxes, in particular, can't be spent to, say, pay a firefighter's salary.
The city expects to earn a $1.03 million in property taxes from the project in the first five years.
If you take a wider view of "city revenue" and include sales tax into the mix, the city staff still predicts the project will be $531,000 short of paying for itself..."
And then there is the Billy Jones factor on delinquent taxes;