Council Ok’s Industrial Bonds to Parkway Plaza
Casper City Council ok'd the idea of a bond issue to help pay for renovations at the Parkway Plaza. Owner, Pat Sweeney, made a pitch to the Council Monday afternoon.
Pat Sweeney along side his legal council asked for authorization of six million in industrial bonds to keep renovations moving forward. He outlined other avenues of financing being explored as well. He indicates the bond scenario is not cheap, but it's viable...
"It is a very clean way to try to restructure. In these economic times commercial financing is very very difficult. We have found that with some projects it seems like you got to think out side the box."
He insists the financing structure does not amount to a bailout for the Hotel. The City would carry no risk and the Hotel all financial responsibility."
Work currently underway in the rehab process includes installation of granite bathroom countertops. Sweeney says its important to keep the hotel in the mix in Casper.
"It's, quite honestly, the only facility of its type where you could have a a sit down banquet for five, six, and seven hundred people. We can do trade shows at the same time."
The 285 room facility, Sweeney says, keeps Casper as a viable option for large events in Central Wyoming. He says they've made good progress in stabilizing and rebuilding their clientele, bringing back some business.
" a lot of groups have re-booked, but there are contingencies out there. They want to make sure that we're gonna renovate and that were not just coming up with a story. And so, we are renovating, we are moving forward."
He says they hope to secure funding and finish renovations by early spring before the next wave of conferences begin.