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Market & Economic Feasibility of <br />Lodging and Related Developments <br />■ Report developed by PKF Consulting in 2002 <br />■ Conclusions included: <br />— A 200-room, full -service, conference -style, destination <br />hotel is market -justified <br />• Main restaurant seating for 200 <br />• Separate water -oriented restaurant for 75 <br />• 17,500 sq. ft. of meeting space <br />• Fitness center and indoor swimming pool <br />— City financial contribution in 2002 dollars was a <br />subsidized ground lease of $3m for the site and $13m <br />for development <br />— Annual TOT revenue in 2002 dollars of $1m <br />— Only one hotel is viable and the Blue Dolphin site is <br />preferred <br />Market & Economic Feasibility of Lodging <br />and Related Developments (continued) <br />— 225-seat, full service restaurant with <br />private banquet rooms is also market <br />justifiedcil <br />—The restaurant could be built on <br />either the Boatworks site or the site <br />to the North of El Torito <br />— No financial contribution to a restaurant <br />facility would be required <br />—Annual lease income in 2002 dollars of $165 <br />7 <br />