Subsidy Tracker Individual Entry

Company: 
Starwood Property Trust
Parent Company: 
Starwood Property Trust
Subsidy Source: 
multiple
Location: 
Colorado
City: 
Aurora
Project Description: 

Gaylord Rockies hotel

Year: 
2011
Major Industry of Parent: 
real estate
Specific Industry of Parent: 
real estate
Subsidy Value: 
$300,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Source of Data: 

The estimated value of the subsidy package was taken from: Megan Schrader, "Gazette investigation raises new questions about multi-million-dollar Aurora tax giveaway," The Gazette, August 10, 2014; available online at: http://gazette.com/gazette-investigation-raises-new-questions-about-mult...

Notes: 

The subsidy package was approved in 2011 by the city of Aurora for development of the Gaylord Rockies hotel. The value of the subsidy package was estimated by The Gazette at between $300 and $800 million over 33 years; we use the lower figure. The deal includes "tax-increment-financing-like" programs in which between 85 and 100 percent of increases in sales, property, lodgers, and admission taxes will go to the developer as reimbursement of costs. The package also includes $81.5 million over 30 years from the state's Regional Tourism Act (the developer will recapture the increase in the state's sales tax). Overlap with main Subsidy Tracker data: none

Source Notes: 
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