These two paragraphs pretty much sum it up:
As Gaylord Entertainment Co. executives pushed for tax incentives for a 1,500-room Aurora hotel in recent months, they also were exploring options that ultimately would make it less likely the project would get built.But after promising $300 million in incentives (90$ million more than the whole enterprise is worth!), do you think the city of Aurora learned their lesson when it comes to bribing greedy corporations into building hotels in your city?
Gaylord announced Thursday that Marriott International would buy its brand and rights to manage its four hotels for $210 million, and the Nashville, Tenn.-based company would become a real-estate investment trust. It said it wouldn't proceed with the Aurora hotel as envisioned and that it is seeking a development partner for the project.
Aurora officials plan to meet next week with a company interested in taking on the development of the 1,500-room hotel and conference center proposed by Gaylord Entertainment Co., which announced a major restructuring Thursday that could change plans for the project. Aurora Economic Development Council chief Wendy Mitchell said she's received calls from at least one company that might be willing to step in. She declined to name the company but said it is a national, privately held developer.Seems to me that a national, privately held developer should be able to fund the project themselves. If they can't, the project isn't feasible. If it's not feasible, don't throw hundreds of millions of taxpayer dollars at it.
Clearly the money is burning a hole in the city's pocket, and if so, I'd like to offer a suggestion:
Cut me a check. I will cash it.