The development cost equates to $273,000 per room, comparable to high-end luxury lodges.
Acquest wants the county to set up a nonprofit corporation to issue tax-free bonds to pay for the project. The county would guarantee the bonds with a $700,000 annual contribution. The city of Sanford would kick in $120,000. Acquest would be using other people's money to develop the enterprise.
The government money would come from the county's three-cent tourist or hotel bed tax which totaled $1.7 million in fiscal 2001. Property taxpayers would not be funding the venture, Sanford city staffers tell GlobeSt.com.
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