Proposal from Cleaning Company to Pre Opening Hotel

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					Historic Structure Report and Redevelopment Proposal




                 SECTION 7:
              Financial Synthesis




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                       Historic Structure Report and Redevelopment Proposal

                                          FINANCIAL SYNTHESIS

   Following the guidance of the Small Business Administration, the following chapter shows the time-
line and estimated costs to complete the redevelopment of the Historic Colonial Hotel. The timeline
starts with the purchase of the building (2004) and continues through the first full year of operation (esti-
mated 2012).

                                      REDEVELOPMENT TIMELINE

  The proposed timeline for the redevelopment is presented in table 7.1. The next four tables contain
detailed estimates for the cost of predevelopment, redevelopment, start-up, and operating the hotel with
the proposed uses.




TABLE 7.1: Proposed Timeline
        2004           2005              2006                2007            2008               2009                  2010               2011                2012              2013
purchase          new roof, plan-   plan-             plan-             planning (A&E),   construction       construction          construction        construction,     first full operat-
                  ning/predevelop   ning/predevelop   ning/predevelop   construction                                                                   start-up          ing year
                  ment              ment              ment




TABLE 7.2: Predevelopment Costs
                                                                 Actual       Actual       Actual        Estimated     Estimated      Estimated      Estimated    Estimated       Total
                                                                  2005         2006         2007            2008          2009           2010           2011        2012
                                                                Planning     Planning     Planning        Planning      Planning        Rehab          Rehab      Rhb/Strtup
INCOME

Apartment Rent1                                                     $2,705       $2,200       $2,700         $3,000          $3,000             $0           $0           $0        $13,605

Grants

MRI Facade Improvement Grant2                                       $2,372       $5,000           $0            $0              $0              $0           $0           $0          $7,37

PA Downtown Center3                                                     $0       $8,000           $0            $0              $0              $0           $0           $0         $8,000

Loans

Re-roof4                                                                $0      $21,000           $0            $0              $0              $0           $0           $0        $21,000



Total Income                                                        $5,077      $36,200       $2,700         $3,000          $3,000             $0           $0           $0        $49,977



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 TABLE 7.2: Predevelopment Costs, cont.
                                                                    Actual      Actual      Actual     Estimated   Estimated     Estimated   Estimated   Estimated   Total
                                                                     2005        2006        2007         2008        2009          2010        2011       2012
                                                                   Planning    Planning    Planning     Planning    Planning       Rehab       Rehab     Rb/Strtup
 CASH PAID OUT
 Purchase5                                                           $64,000          $0          $0          $0            $0          $0          $0          $0   $64,000
 Pre-rehab repairs6                                                   $4,913      $9,365          $0        $500          $500          $0          $0          $0   $15,278
 Pre-rehab building supplies                                            $787      $1,144        $115        $200          $200          $0          $0          $0    $2,446
 Roof7                                                                $2,613     $19,971          $0          $0            $0          $0          $0          $0   $22,584
 Redevelopment Plan and Feasibility Study8                              $226      $9,872      $1,000      $1,000            $0          $0          $0          $0   $12,098
 A/E Existing (Measured) and Schematic Drawings                         $365      $3,415      $1,818          $0            $0          $0          $0          $0    $5,598
 Environmental Testing9                                                   $0      $1,367          $0          $0            $0          $0          $0          $0    $1,367
 National Register Nomination and marketing movie10                   $2,000        $750          $0          $0            $0          $0          $0          $0    $2,750
 Utilities
 Gas11                                                                 $970       $2,705       $750         $750          $750          $0          $0      $1,000     $6,925
 Electric12                                                            $261         $486       $560         $500          $500      $1,500      $1,500      $1,500     $6,807
 Water13                                                                $73         $334       $350         $350          $370          $0          $0        $350     $1,827
 Sewer14                                                               $263         $162       $250         $250          $250          $0          $0        $250     $1,425
 Trash (monthly and roll offs; not dumpster fees during rehab)15       $421         $144       $144         $144          $150          $0          $0          $0     $1,003
 Telephone                                                               $0          $30        $50          $30          $100        $100        $100        $100       $510
 Marketing
 Advertising16                                                         $236        $350        $150         $150          $100        $100        $150        $200     $1,436
 Dues and Subscriptions17                                                $0         $50         $50          $50          $200        $200        $200        $200       $950
 Other Costs
 Insurance (liability and fire)18                                     $5,025      $3,394      $3,500      $3,500      $3,500        $5,000      $5,000      $5,000   $33,919
 Landscaping19                                                           $45        $215      $1,000          $0          $0            $0          $0          $0    $1,260
 Taxes
 Property and School                                                   $891         $800       $800         $800          $800        $800        $800        $800     $6,491
 Other20                                                               $500       $1,868         $0           $0            $0          $0          $0          $0     $2,368
 Office
 Office Supplies                                                        $78         $30         $40          $50          $50          $50         $50         $50      $398
 Postage and Delivery                                                   $40         $40         $30          $50          $50          $50         $50         $50      $360
 Professional Fees
 Accounting                                                               $0       $300        $500         $400          $400        $500        $500        $500     $3,100
 Legal                                                                  $325        $80          $0           $0          $500          $0          $0          $0       $905
 Other (real estate, LLC)21                                           $2,403        $40          $0           $0            $0          $0          $0          $0     $2,443
 Loan Payments
 Roof Loan Payment22                                                     $0        $250       $3,300      $5,000      $5,000        $5,000      $5,000      $5,000   $28,550

 Total Expenses                                                      $86,435     $57,162     $14,407     $13,724     $13,420       $13,300     $13,350     $15,000   $226,798

 TOTAL PREDEVELOPMENT COSTS                                                                                                                                          $176,821


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                        Historic Structure Report and Redevelopment Proposal

                                      PREDEVELOPMENT COSTS

  The predevelopment costs are actual and estimated figures for the year of purchase (2004) through
the project completion (2012). It includes predevelopment stabilization and repairs, utilities, insurance,
legal fees, and advertising. See Table 7.2 for predevelopment costs.

Notes for Table 7.2

1.    Occupant pays gas, electric, and telephone.
2.    The hotel received grants for the cornice restoration (2004) and 3rd and 4th story window restora-
      tion (2005).
3.    Meyersdale Renaissance, Inc. partnered with the Historic Colonial Hotel and received a grant from
      the Pennsylvania Downtown Center to hire a contractor, Donovan Rypkema, to assist with the fea-
      sibility study (October 2005).
4.    The re-roof and planning loan is a mortgage on the hotel.
5.    The owners paid cash for the building.
6.    Pre-rehab repairs included the restoration of the cornice, restoration of the 3rd and 4th story win-
      dows, cleaning the upper floors, covering all broken windows, and on-going repairs such as a fur-
      nace repair in 2005. Not reflected are the many hours of volunteer labor spent to clean the build-
      ing.
7.    An attempted patch to the roof in 2004 failed and a local contractor installed a new EPDM roof in
      2005. This membrane roof allows flexibility during modifications; minimum roof cost is expected
      during redevelopment project.
8.    The cost of the redevelopment plan and feasibility study was shared between the owners and
      Meyersdale Renaissance, Inc. Not reflected are the matching funds donated through many hours of
      volunteer time to complete the plan.
9.    Lead paint and asbestos testing had mixed results. The building has no asbestos. Every painted win-
      dow and door (except those restored in 2005) have lead-base paint or lead-in-paint surfaces. The
      building was not tested for radon, termites, or other environmental hazards.
10.   Adam Thomas completed the National Register nomination and developed a marketing movie on
      the history of the building.
11.   The basement floor is heated to 40-50 degrees in winter to prevent pipes from freezing.
12.   Electric service to the lobby and basement is paid by the owners.
13.   The water served the 1st floor only in 2004, the apartment only 2005-2008, and anticipate contrac-
      tor only 2009-2011.
14.   The sewer served the apartment and 1st floor (2004-2008) and is anticipated to serve the contrac-
      tor in 2009.
15.   The disposal costs only include the apartment and dumpsters during clean up (2004-2007).



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                                                             Historic Colonial Hotel


             TABLE 7.3: Redevelopment Costs 2009-2011
             Phase I Exterior Restoration Work

             01 Clean and repoint exterior brick                                                                            $61,800

                        01.1 Stabilization of northwest corner                                                              $60,000

                        01.2 Chimneys                                                                                       $15,000

             02 Window Restoration (42 @ $750)                                                                              $31,500

                        02.1 Window Reconstruction (17 @ $1,500)                                                            $25,500

             03 Exterior Porch Restoration                                                                                  $55,000

             04 Upper Cornice Restoration                                                                                   $15,000

             Phase 2 Demolition, Elevator, and Prefinish Costs

             01 Demolition                                                                                                 $360,000

             02 Corridor and Light Well                                                                                     $40,000

             03 Elevator                                                                                                    $90,000

             04 Fire Suppression                                                                                           $115,500

             Phase 3 Interior Finish Costs for Hotel and Apartments                                                       $1,563,000

             Phase 4 Landscaping and Exterior Balconies (will not qualify for federal historic preservation tax credit)

             01 New steel balconies                                                                                         $32,000

             02 Parking lot and retaining walls                                                                             $68,000

             Subtotal                                                                                                     $2,532,300

             Historic Preservation Factor (add 20%)                                                                        $506,460

             Bricks and Mortar Subtotal                                                                                   $3,038,760

             Soft Costs

             Architectural and Engineering Fees                                                                            $250,000

             Permits, fees, inspections                                                                                     $25,000

             General Contractor Costs (15% bricks and mortar subtotal)                                                     $455,814

             Soft Costs Subtotal                                                                                           $730,814



             GRAND TOTAL (bricks and mortar plus soft costs)                                                              $3,769,574



             Approximate qualified expenses eligible for federal historic preservation tax credits                        $3,631,574

             Historic Preservation Tax Credit Amount (20% of qualified expenses)                                           $726,315



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                      Historic Structure Report and Redevelopment Proposal

16. Advertising has included the trail book.
17. Dues and subscriptions have been limited to Meyersdale Renaissance, Inc. membership.
18. Insurance includes fire and liability insurance only.
19. Landscaping costs includes the purchase of flags and lights to decorate the building during holi-
    days. It also includes the 2006 assessment for the Meyersdale Streetscape Project Design.
20. In 2006, the owners transferred the title to a Limited Liability Company on advice from their account-
    ant.
21. The sale transaction fees to the realtor and attorney are included on this line.
22. The loan is a revolving loan account on which the interest rate varies.

                       REDEVELOPMENT (BRICKS AND MORTAR) COSTS

  Sterling Holdorf of Sterling Restorations compiled the redevelopment cost estimate. A preservation
specialist, Holdorf has led the restoration and rehabilitation of projects ranging from $100,000 to
$2,000,000. His numbers are based on 2006 material and labor costs, and assume Davis-Bacon wage
schedules. The estimate assumes four phases over three years (2010-2012). The costs are summarized
in table 7.3.

Phase I Exterior Restoration Work

01 Clean and re-point exterior brickwork. Costs include scaffolding, power wash and re-point entire
   exterior.
   01.1 Stabilize and repair the northwest corner of building.
   01.2 Rebuild deteriorated chimneys.
02 Window restoration. Costs include lead abatement of sash, repairs to sash/frames, re-glazing,
   painting. Costs assume all original windows will be retained.
   02.1 Window reconstruction. Costs include double-hung windows custom made to match the origi-
       nals missing throughout the elevations and two new large windows to flank the front doors on
       the front elevation, first floor.
03 Exterior porch restoration. Costs include selected demolition, repairs to structural components,
   reconstruction of railing, and painting.
04 Upper cornice restoration. Costs include scaffolding, restoration and in-kind replacement of wood
   components, and painting.

Phase 2 Demolition, Elevator, and Prefinish Costs

01 Removal of all non-structural walls. Cost includes salvaging selected components (doors, plumbing
   fixtures, light fixtures, trim on first floor), remove lath and plaster throughout, removal of existing
   plumbing and electrical, opening light well, trash removal costs. It assumes potential cost increase


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                                                                                                  Historic Colonial Hotel

                                                          for lead paint issues. Existing floors in good condition will stay throughout.
 TABLE 7.4: Start-Up Costs 2012
                                                       02 Corridor and Light Well Modifications. Costs also include framing and roof alterations.
 Telephone System                             $2,500   03 Elevator. Costs include installation of 1,500 lb passenger elevator.
                                                       04 Fire suppression. Cost for a dry system throughout the building.
 Liability Insurance1                         $5,000

 Marketing2                                   $1,000   Phase 3 Interior Finish Costs for Hotel and Apartments (2nd, 3rd, 4th floors)

 Office Supplies3                             $1,000   01     2x4 interior framing throughout.
                                                       02     Insulation throughout including interior soundproofing.
 Vehicle Expenses   4
                                            $50,000
                                                       03     Plumbing and electrical throughout.
 Office Equipment5                            $5,000   04     Heating, Ventilation, and Air Conditioning (HVAC).
                                                       05     Drywall installed throughout.
 Housekeeping6                                $5,000
                                                       06     Interior doors (lead paint abatement and repainting).
 Furniture, Fixtures, and Equipment (FFE)              07     Interior trim (window and door casing, baseboard).
                                                       08     Apartment kitchen and bathroom fixtures (sinks, tubs/showers, toilets).
   Hotel Rooms7                             $25,000
                                                       09     Tile work in bathrooms.
   Hotel Rooms8                               $5,000   10     Painting.
                                                       11     Kitchen cabinets in apartments and hotel breakfast kitchen.
   Catering Kitchen9                        $25,000    12     Refinishing floors.
   Dining Room10                            $25,000
                                                       Phase 4 Landscaping and New Balcony on Rear Elevation
   Lobby11                                    $2,500
                                                            These costs will not qualify for the Federal Historic Preservation Tax Credits.
   Washer and Dryers    12
                                              $8,000   01 New steel balcony on north elevation.
                                                       02 Parking lot. Costs include earthwork, paving, and retaining walls. Front sidewalk will be restored
                                                          during Meyersdale’s streetscape project.
 Unknowns                                   $25,000

                                                                                                    START UP COSTS
 Total Start Up Costs                       $185,000
                                                          Start up costs reflect an estimated cost of furnishing the hotel, event space, and office. This expense
                                                       is anticipated in 2012. See Table 7.4 for details.

                                                       Notes to Table 7.4

                                                       1.     Insurance downpayment may be required.
                                                       2.     This figure represents start up marketing only. See operating spreadsheet for annual marketing
                                                              costs.
                                                       3.     Basic office supplies are needed to establish the office.


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                      Historic Structure Report and Redevelopment Proposal

4.  A minivan is needed to transport hotel guests (and their bikes).
5.  Office equipment includes a computer, printer, fax, software, desk and other office furniture.
6.  Housekeeping include maid carts, luggage cart, cleaning supplies, vacuums, and other supplies.
7.  Furnishings for ten hotel rooms include a bed, carpet, lamps, a clock, a television, a desk and chair,
    and curtains. Pricing from national supplier in 2006 dollars.
8. Supplies for ten hotel rooms include linens, towels, shower curtain, soaps, fire extinguishers, etc.
    See annual operating cost for annual replacement costs. Pricing from national supplier in 2006 dol-
    lars.
9. Estimated cost of a catering kitchen (appliances and supplies).
10. Purchase of 200 chairs, 25 tables, high chairs, serving carts, table cloths, dinnerware, flatware, bar
    supplies, glassware, drink dispensers, coffee makers, chafing dishes, serving trays and utensils.
    Pricing from national supplier in 2006 dollars.
11. Safe, letter board, bike racks, rockers for front porch. Pricing from national supplier in 2006 dol-
    lars.
12. Commercial washers and dryers for housekeeping (2) and guest laundry (2).


                                ANNUAL OPERATING STATEMENT

  The annual operating statement shows month-by-month income and expenses based on occupancy
and use projections from chapter 4. Prepared in 2006 dollars, see Table 7.5 for annual operating costs
for 10 hotel rooms and 6 apartments. See Appendix 4 for adjustments calculated for 20 hotel rooms and
2 apartments.

Notes to Table 7.5

1.   Assumes 100% occupancy on six apartments, $625/month/unit; occupant pays electric and cable;
     owner pays water, trash, sewer.
2.   48.3% annual rental occupancy; off peak rate Nov-Dec-Jan-Feb-Apr $60; peak rate Mar & May-
     Oct $75.
3.   Working with contract caterer.
4.   Water, sewer, and trash included.
5.   Approximately 1% of operating income for replacement/upgrade, etc.
6.   Water, sewer, landscaping, snow removal, and window washing is based on expenses for similar-
     ly sized and aged building, Di and Di Apartments in Meyersdale.
7.   Electric is based on expenses for similarly sized and aged building, Di and Di Apartments in
     Meyersdale ($.75/sf/year x 8,000 sf).
8.   Electric heat is based on expenses for similarly sized and aged building, Di and Di Apartments in
     Meyersdale ($.38/sf/year x 8,000 sf).


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 TABLE 7.5: Annual Operating Statement
                                                      Jan         Feb        March     April     May       June       July        August     Sep.      Oct.      Nov.      Dec.       Total
 OPERATING INCOME
 Yearly Tenant Rents1                                 $3,750      $3,750      $3,750    $3,750    $3,750    $3,750     $3,750      $3,750     $3,750    $3,750    $3,750    $3,750    $45,000
 Hotel Rooms Rental                 2
                                                      $5,460      $5,460     $13,875    $5,460   $16,200   $11,175    $12,525     $11,175    $11,175   $17,100    $5,460    $9,060   $124,125
 Special Event Center                   3
                                                       $666        $770        $936      $636     $5,124    $4,464     $3,348      $3,348     $3,348    $3,348     $740     $1,776    $28,504
 Commercial Rental Space - 1st floor             4
                                                       $600        $600        $600      $600      $600      $600       $600        $600       $600      $600      $600      $600      $7,200
 Operating Reserve              5
                                                       $100        $100        $200      $100      $250      $200       $200        $200       $200      $240      $100      $150      $2,040
 Total Operating Income                              $10,576     $10,680     $19,361   $10,546   $25,924   $20,189    $20,423     $19,073    $19,073   $25,038   $10,650   $15,336   $206,869
 BUILDING OPERATING EXPENSES
 Utilities (common areas and hotel space)
 Water6                                              $245.42     $245.42     $245.42   $245.42   $245.42   $245.42    $245.42     $245.42    $245.42   $245.42   $245.42   $245.42     $2,945
 Sewer6                                              $184.08     $184.08     $184.08   $184.08   $184.08   $184.08    $184.08     $184.08    $184.08   $184.08   $184.08   $184.08     $2,209
 Electric - Elevator, Service, and Cooling7            $250        $250        $250      $250      $700      $850       $850        $850       $750      $500      $250      $250      $6,000
 Electric - Heat       8
                                                       $600        $600        $400      $200        $0        $0            $0         $0       $0      $200      $400      $600      $3,000
 Refuse (dumpster)          9
                                                       $100        $100        $100      $100      $100      $100       $100        $100       $100      $100      $100      $100      $1,200
 Telephone (1 line to each room)            10
                                                       $400        $400        $400      $400      $400      $400       $400        $400       $400      $400      $400      $400      $4,800
 Cable/Internet                                        $100        $100        $100      $100      $100      $100       $100        $100       $100      $100      $100      $100      $1,200
 Utilities (apartments)
 Water11                                               $180        $180        $180      $180      $180      $180       $180        $180       $180      $180      $180      $180      $2,160
 Sewer  12
                                                        $80         $80         $80       $80       $80       $80        $80         $80        $80       $80       $80       $80       $960
 Electric    13
                                                            $0          $0       $0        $0        $0        $0            $0         $0       $0        $0        $0        $0         $0
 Cable/Internet        13
                                                            $0          $0       $0        $0        $0        $0            $0         $0       $0        $0        $0        $0         $0
 Other Expenses
 HVAC Maintenance (if electric)                        $100        $100        $100      $100      $100      $100       $100        $100       $100      $100      $100      $100      $1,200
 General Building Repair                               $100        $100        $100      $100      $100      $100       $100        $100       $100      $100      $100      $100      $1,200
 Sprinkler Inspections                                 $100        $100        $100      $100      $100      $100       $100        $100       $100      $100      $100      $100      $1,200
 Fire Alarm Inspection                                 $100        $100        $100      $100      $100      $100       $100        $100       $100      $100      $100      $100      $1,200
 Pest Service                                           $50         $50         $50       $50       $50       $50        $50         $50        $50       $50       $50       $50       $600
 Insurance        14
                                                       $432        $432        $432      $432      $432      $432       $432        $432       $432      $432      $432      $432      $5,184
 Elevators Maintenance                                 $150        $150        $150      $150      $150      $150       $150        $150       $150      $150      $150      $150      $1,800
 Elevator Inspection                                        $0          $0     $500        $0        $0        $0            $0         $0     $500        $0        $0        $0      $1,000



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TABLE 7.5: Annual Operating Statement, cont.
                                                    Jan.        Feb.       March        April       May         June        July        August       Sep.        Oct.        Nov.        Dec.        Total
BUSINESS OPERATING EXPENSES

Facility Manager

Salary15                                           $2,533.33   $2,533.33   $2,533.33   $2,533.33   $2,533.33   $2,533.33   $2,533.33    $2,533.33   $2,533.33   $2,533.33   $2,533.33   $2,533.33   $30,400

Taxes   15
                                                       $380        $380        $380        $380        $380        $380        $380         $380        $380        $380        $380       $380       $4,560

Benefits     15
                                                   $253.33     $253.33     $253.33     $253.33     $253.33     $253.33     $253.33      $253.33     $253.33     $253.33     $253.33     $253.33       $3040

Services and Equipment

Accounting                                               $0          $0          $0      $1,500          $0          $0            $0         $0          $0          $0          $0          $0      $1,500

Vehicle Expenses       16
                                                       $500        $500        $500        $500        $500        $500        $500         $500        $500        $500        $500       $500       $6,000

Office                                                  $50         $50         $50         $50         $50         $50         $50          $50         $50         $50         $50         $50       $600

Supplies                                                $40         $40         $40         $40         $40         $40         $40          $40         $40         $40         $40         $40       $480

Telephone (3 lines)         17
                                                       $120        $120        $120        $120        $120        $120        $120         $120        $120        $120        $120       $120       $1,440

Cell Phone                                              $50         $50         $50         $50         $50         $50         $50          $50         $50         $50         $50         $50       $600

Contracted Services

Cleaning of common areas and maid service18          $2,400      $2,400      $2,400      $2,400      $2,400      $2,400      $2,400       $2,400      $2,400      $2,400      $2,400      $2,400    $28,800

Snow Removal (plow parking, clear sidewalks)  6
                                                       $200        $200        $200          $0          $0          $0            $0         $0          $0          $0        $150       $250       $1,000

Lawn/Landscaping Service         6
                                                         $0          $0          $0         $50         $50         $50         $50          $50         $50         $50          $0          $0       $350

Window washing         6
                                                         $0          $0          $0        $500          $0          $0            $0         $0          $0          $0          $0          $0       $500

Use Costs

Room Supply costs (towels, bedding, etc.)              $100        $100        $100        $100        $100        $100        $100         $100        $100        $100        $100       $100       $1,200

Laundry Service Costs (on-site)                         $30         $30         $30         $30         $60         $60         $60          $60         $60         $60         $30         $30       $540

Marketing

Advertising (including website)                        $500        $100        $250        $100        $250        $100        $100         $100        $200        $100        $100       $100       $2,000

Dues to Tourism Related Organizations                                                                                                                                                     $1,000      $1,000

Taxes

Taxes                                                                        $7,250                                                                               $7,250                            $14,500

Loan Payments

Start up costs loan of $185,000 (10 years at 8%)     $2,244      $2,244      $2,244      $2,244      $2,244      $2,244      $2,244       $2,244      $2,244      $2,244      $2,244      $2,244    $26,928

other loan        19
                                                     $3,631      $3,631      $3,631      $3,631      $3,631      $3,631      $3,631       $3,631      $3,631      $3,631      $3,631      $3,631    $43,572

Total Operating Expense                            $16,203     $15,803     $23,503     $17,253     $15,683     $15,683     $15,683      $15,683     $16,183     $22,783     $15,553     $16,853     $206,868



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                                                     Historic Colonial Hotel

             9.    Refuse for all building uses based on expenses for similarly sized and aged building, Di and Di
                   Apartments in Meyersdale.
             10.   Ten telephone lines at $40/line.
             11.   Water will be paid by owner of building: based on expenses for similarly sized and aged building,
                   Di and Di Apartments in Meyersdale ($360/unit/year=6 units=$2160).
             12.   Sewer will be paid by owner of building: based on expenses for similarly sized and aged building,
                   Di and Di Apartments in Meyersdale ($160/unit/year=6 units=$960).
             13.   Electric and cable will be paid by apartment occupant.
             14.   Kitchen will likely increase insurance rates (commercial higher than residential).
             15.   Benefits equal 0.8 of wage paid to full-time manager of similar building in Johnstown.
             16.   Insurance and operation of van (assumes cash purchase of vehicle).
             17.   Three lines at $40 per month per line.
             18.   Two part-time employees ($10/hour for 30 hours a week) to clean hotel rooms and set up dining
                   area during events.
             19.   This number reflects the maximum additional debt load.


                                                 SOURCE AND USE OF FUNDS

               As of August 2006, there remains a sizable gap in funding, summarized in Table 7.6 Though the busi-
             ness operations (hotel, apartments, event space, and commercial rental) can sustain the start up cost
             loan, the bricks and mortar cost loan would far exceed operating income. As of August 2006, the like-
             ly sources of funding include federal historic preservation tax credits, Pennsylvania Department of
             Community and Economic Development’s Anchor Building Program, traditional bank loans, and owner’s
             equity. Most likely interventions would include New Market Tax Credits, Pennsylvania Housing’s
             Multiple Use (MUFFI) loan, small grants, and Department of Agriculture funds.

                                             AVAILABLE INTERVENTION TOOLS

             Federal Programs

             Federal Historic Preservation Tax Credits

                This federal program, administered by the National Park Service (NPS) and the Internal Revenue
             Service (IRS), is a tax credit of up to 20% for qualified work on an income-producing, commercial build-
             ing that is listed on the National Register of Historic Places. There is a fee for the application based on
             the total cost of the rehabilitation; the Colonial Hotel’s fee would be $2,500. The three part application
             is submitted to the SHPO for certification by the NPS. Part I is the National Register nomination, which
             is complete for the Colonial Hotel. Part 2 is a description of the proposed rehabilitation. According to


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TABLE 7.6: Source & Use
Use of Funds

Predevelopment Costs (including acquisition)                                                                      $178,321

Redevelopment Costs                                                                                              $3,769,574

Start Up Costs                                                                                                    $185,000

Total Use of Funds                                                                                               $4,132,895

Source of Funds

Owner Equity                                                                                                      $178,321

Start up traditional bank loan (8.0% for 10 years)                                                                $185,000

Federal Historic Preservation Tax Credits (20% qualified bricks and mortar sold at $.85)                          $617,368

New Market Tax Credit or Small Deals (39% of total (bricks & mortar + soft costs) project costs, sold at $.85)   $1,249,614

Total Source of Funds                                                                                            $2,230,303



CURRENT FUNDING GAP                                                                                              $1,902,592


the National Park Service website: “The SHPO provides technical assistance and literature on appro-
priate rehabilitation treatments, advises owners on their applications, makes site visits when possible,
and forwards the application to the NPS, with a recommendation.

  “The NPS reviews the rehabilitation project for conformance with the Secretary of the Interior’s
Standards for Rehabilitation, and issues a certification decision. The entire project is reviewed, includ-
ing related demolition and new construction, and is certified, or approved, only if the overall rehabili-
tation project meets the Standards. Both the NPS and the IRS strongly encourage owners to apply before
they start work.”

  Part 3 is the Request for Certification of Completed Work. “The SHPO forwards the application to the
NPS, with a recommendation as to certification. The NPS then evaluates the completed project against
the work proposed in the Part 2—Description of Rehabilitation. Only completed projects that meet the
Standards for Rehabilitation are approved as “certified rehabilitations” for purposes of the 20% reha-
bilitation tax credit.”

   Some types of work are exempt from the tax credit. According to the website: “Qualified rehabilita-
tion expenditures include costs associated with the work undertaken on the historic building, as well as
architectural and engineering fees, site survey fees, legal expenses, development fees, and other con-


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             struction-related costs, if such costs are added to the basis of the property and are determined to be
             reasonable and related to the services performed. They do not include costs of acquiring or furnishing
             the building, new additions that expand the existing building, new building construction, or parking lots,
             sidewalks, landscaping, or other facilities related to the building.”

               Other limitations include a requirement for the building to remain in the owner’s name for a full five
             years after completion of the work. There are also limitations on governments or non-profit entities
             when they occupy more than 35% of the property.

               The tax credits may be sold to investors, usually at $.85 per dollar. This tax credit investor takes some
             ownership in the property and holds it for a minimum of five years after the rehabilitation is complete,
             then typically reconveys partial interest in the property for a nominal amount as soon as the five year
             threshold is passed. To maximize the tax credits, the Colonial Hotel would need to seek a tax credit
             investor.

               For more information, see www.cr.nps.gov/hps/tps/tax/index.htm.

             New Market Tax Credits

                For the purposes of the New Market Tax Credit, the hotel sits in census tract 021500. The New Market
             Tax Credit (NMTC) is part of the Community Renewal Tax Relief Act of 2000. Unlike other tax credits
             created to benefit low-income communities by addressing housing, this tax credit is aimed at business-
             es. The hope for the NMTC is that it will generate $15 billion in new investment capital over a seven-
             year period from private companies and individual investments for businesses in low- and moderate-
             income communities. Increasing the flow of private capital into low-income areas is the primary objec-
             tive of the NMTC program. The investment capital generated through the program will give business-
             es in under-served communities the ability to weather temporary economic downturns and to expand in
             economic upturns. Investors in the program's Community Development Entities (CDEs) will receive a
             credit against their federal income taxes that may reach as high as 39 percent over the seven-year peri-
             od.

               The Treasury Department's Community Development Financial Institutions (CDFI) Fund and the Internal
             Revenue Service (IRS) administer the NMTC program. Organizations, once certified by the Treasury
             Department as Community Development Entities (CDEs), apply to the CDFI Fund for an allocation of
             NMTCs. The credits are awarded competitively based on a CDE's performance, accountability, and
             record of success in providing assistance to disadvantaged businesses or communities. Once a CDE
             secures an allocation of credits, it uses those credits to attract Qualified Equity Investments from indi-
             vidual or corporate taxpayers.



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  CDEs will have five-years in which to place credits with investors and secure cash for equity in the
CDE. An equity investment in a CDE may be any stock in a corporation and any capital interest in a
partnership. It can be exchanged for cash and substantially used to make Qualified Low-income
Community Investments. In return, investors receive a tax credit certificate from the CDE to attach to their
federal income tax forms, claiming a five- percent tax credit for the first three years and a six-percent
credit in the last four years.

  The CDE then uses the investment capital generated from the sale of tax credits to provide loans,
equity, and other forms of credit to qualified low-income community businesses, including nonprofit cor-
porations and CDE nonprofit corporations, in targeted distressed areas. The program is designed to
allow the CDE to use its local knowledge of the community and expertise in community development to
decide what businesses to invest in or to lend monies. CDEs must work with businesses in a low-income
community–a census tract with a 20 percent poverty rate, or census tracts whose median household
income is 80 percent or less of the state or MSA median household income.

   An organization may be a nonprofit or for-profit organization to become a CDE. The organization
must have a primary mission to serve low-income communities. They should also maintain accountabil-
ity to the residents of those communities that it serves by having representation of residents (at least 20
percent) on governing or advisory boards. The organization must also have a record of working with
businesses in the low-income community. For a business to qualify to work with the CDE, it must earn
at least half of its gross revenue by conducting business in the low-income community. In addition, 40
percent of its property must be within that community. Some businesses are excluded from the program.
These include liquor stores, massage parlors, and real estate residential rental units.

  By law, CDFI's and Specialized Small Business Investment Corporations (SSBIC's) are automatically
eligible to be designated as CDEs, but must complete abbreviated application materials in order to
receive that designation from the Fund. A CDE certification will last for a period of 15 years, but a CDE
must certify annually that it has continued to meet CDE certification requirements.

   Organizations apply to the Department of the Treasury’s CDFI Fund both to be certified as a CDE and
to receive an allocation of NMTCs. However, only for-profit CDEs can apply to the CDFI for a tax cred-
it allocation since nonprofit corporations cannot offer equity to investors. For most nonprofit entities, it
will be necessary to set up a for-profit affiliate to receive the credits. Community Development
Corporations that establish for-profit subsidiaries, limited liability companies, or partnerships would
then be eligible for equity investments by NMTC investors.

  For more information, see www.cdfifund.gov/ or
http://www.ntcicfunds.com/basics/basics_newmarkets.html



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             U.S. Department of Agriculture Rural Development

               The USDA Rural Development program provides an array of funding sources, including loans and
             loan guarantees, for housing development. Some of the many applicable programs are described
             below.

                Rural Rental Housing Loans are direct, competitive mortgage loans made to provide affordable mul-
             tifamily rental housing for very low-, low-, and moderate-income families; the elderly; and persons with
             disabilities. This is primarily a direct mortgage program, but its funds may also be used to buy and
             improve land and to provide necessary facilities such as water and waste disposal systems.

               The Rural Housing Programs guarantees loans under the Rural Rental Housing Guaranteed loan pro-
             gram for development of multi-family housing facilities in rural areas of the United States. Loan guar-
             antees are provided for the construction, acquisition, or rehabilitation of rural multi-family housing.

               The Housing Preservation Grant (HPG) program provides grants to sponsoring organizations for the
             repair or rehabilitation of low- and very low-income housing. The grants are competitive and are made
             available in areas where there is a concentration of need.

              For more information, see www.rurdev.usda.gov/pa

               The Westmoreland Local Office of the USDA (724.853.5555 x 4), located in Greensburg, provides
             assistance for Somerset County. Sandra Ridenour (724.853.5555 x 124) is the rural development man-
             ager and Cynthia Brant (814.445.6147 x 4) is the rural development specialist in the Somerset satellite
             location.

             U.S. Department of Justice, Americans with Disabilities Compliance

               The Historic Colonial Hotel project will seek ADA compliance tax credits and tax deductions as avail-
             able. The tax credit is up to $10,000 over two years. The tax deduction is up to $15,000 per year. Both
             require removal of architectural barriers, among other incentives such as alternative media.

               For more information, see www.usdoj.gov/crt/ada/taxpack.htm.

             Department of Housing and Urban Development (HUD)

               HUD supports the development, rehabilitation and maintenance of multiple-unit affordable housing


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through FHA mortgage insurance programs.

  For more information, see www.hud.gov/local/index.cfm?state=pa.

National Endowment for the Arts

  In addition to its own funding sources, the NEA provides a means to access grant programs in twen-
ty-three federal agencies that have provided support for arts and cultural projects. While these pro-
grams may be limited in their application to historic preservation projects, they may possibly be used
to restore the historic DuBrau murals in the dining room.

  For more information, see www.arts.gov/federal.html.

National Endowment for the Humanities

   The National Endowment for the Humanities Preservation Assistance Grant (PAG) program is perhaps
most valuable for collections care funding for smaller institutions. NEH awards grants of up to $5,000
on a non-matching basis to support the preservation of materials in smaller libraries, archives, muse-
ums, and historical organizations. While this grant may have limited application to the project, it could,
like the NEA grant, provide funding for the restoration of the historic DuBrau murals.

  For more information, see www.neh.gov/grants/guidelines/pag.html.

Preserve America Grants

  Preserve America grants offer a new type of funding from the Federal Government to support com-
munities that have demonstrated a commitment to recognizing, designating, and protecting local cultur-
al resources.

  For more information, see www.cr.nps.gov/hps/hpg/PreserveAmerica/.

State Programs

New Communities Program

  The New Communities Program through Pennsylvania’s Department of Community and Economic
Development (DCED) has been developed to assist communities in undertaking a comprehensive
approach to revitalization and sound land use under the Main Street, Elm Street and Enterprise Zone
programs. Among the stated goals of the nationally recognized Main Street program are “to utilize a


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             well thought out planning process to ensure bricks and mortar projects funded with public funds are
             those that will make a difference in the economy of the downtown area.” The Historic Colonial Hotel’s
             partnership with the Meyersdale Main Street Program (Meyersdale Renaissance, Inc.) is the key to
             accessing multiple Commonwealth funding and grant opportunities.

               For more information on all DCED programs, see www.newpa.com/default.aspx?id=15.

             DCED Anchor Building Grant

               Anchor Building is a grant-to-loan program providing funds that are borrowed by the developer from
             the grantee and repaid to a local revolving loan fund. In other cases, a grant is provided directly to a
             non-profit supporting the project. Priority consideration is given to applications where the building proj-
             ect is:

               • greater than 10,000 square feet,
               • vacant and/or underutilized,
               • considered by the community to be an important downtown building that is vital to the down-
                 town’s health,
               • coordinated between local and county government so there is an integration and strategic link-
                 age between economic and community development,
               • a structurally sound building that is eligible for or already listed on the National Historic
                 Register,
               • a renovated building that will house indigenous local business expansion or creation,
               • a renovated building that will create new or improved tax rates for the municipality, and
               • a renovated building that will likely create full-time jobs paying substantially above minimum
                 wage and providing fringe benefits.

               Eligible activities for Anchor Building grants-to-loans can be used for up to 30% of the total project
             investment required to acquire and renovate the building, including installation of fiber-optic wiring.
             Costs of public infrastructure development and of hazardous waste testing may be considered if the
             lack of conventional funding sources for such costs is documented. Generally Anchor Building grants
             will not exceed $500,000 or 30% of total project investment. The Storybook Castle successfully compet-
             ed for a grant in 2006, which may prevent the Colonial Hotel from utilizing this gap funding.

             DCED Cultural & Heritage Tourism

               Among the extensive strategic plan objectives of this initiative are:

               • linkage of Commonwealth cultural and heritage assets to lodging, hospitality and retail part-


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      ners to create imaginative overnight and multi-day packages,
   • encouraging a stable economic base for cultural and heritage assets by fostering partnerships.
  Grant programs will support the collaboration of destinations, attractions and amenities that assist in
increasing inbound visitation, overnight stays and the increase of purchase of goods and products
made in Pennsylvania. The Meyersdale Main Street program is eligible to apply for all of the following
opportunities, all having a direct connection to a restored and operational Historic Colonial Hotel.
Programs include:

  •   Pennsylvania Festival Initiative
  •   Pennsylvania Artists’ Trail
  •   Pennsylvania Underground Railroad Promotions
  •   Family Home Coming Initiative

DCED Growing Greener II

   This program is a grant to non-profit and local governments for downtown improvement projects with
preference given for projects of significant scale and impact, as well as projects that are in need of gap
financing

Pennsylvania Housing Finance Agency (PHFA), Mixed Use Facility Financing Initiative (MUFFI)

  This initiative is designed to encourage the revitalization of commercial corridors throughout the
Commonwealth by creating the funding mechanism to help bridge the gap between housing and com-
mercial lending–gaps that may negatively impact the availability of financing for mixed-use properties.
The PHFA makes these loans only in connection with a financially viable, holistic plan for the mixed-
use property.

  For more information, see www.phfa.org/forms/hcp/MUFFI.pdf.

Pennsylvania Historical & Museum Commission (PHMC)

  Utilizing the Meyersdale Main Street partnership, there will be various opportunities to access small
grants and extensive technical assistance for this project. Specifically, the Keystone Building grant is
awarded to non-profit entities for up to $100,000 of rehabilitation work. In addition, PHMC may pro-
vide assistance regarding tax credits and National Register eligibility and listing.

  For more information, see www.artsnet.org/phmc/grants.htm.

Department of Conservation & Natural Resources (DCNR)


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               DCNR is already engaged in activity in Somerset County and Meyersdale because of the extensive
             involvement with Rails-to-Trails. Various grant and technical assistance opportunities and assistance will
             be available.

               For more information, see www.dcnr.state.pa.us/brc/grants/.

             Pennsylvania Department of Transportation (PennDot)

               Meyersdale Borough has applied to Penn Dot’s Home Town Streets transportation enhancement pro-
             gram for streetscape funding of $1,023,799. The planned project will also encompass physical improve-
             ments to the sidewalk and curb area directly in front of the Historic Colonial Hotel in 2007. The plans
             will incorporate rebuilding the distinctive yellow brick sidewalk from curb-cut to curb-cut, at no, or min-
             imal cost to the building owner.

             The Center for Rural Pennsylvania

                The Center for Rural Pennsylvania is a bipartisan, bicameral legislative agency that serves as a
             resource for rural policy within the Pennsylvania General Assembly. The Center works with executive
             agencies and federal, regional and community organizations to maximize resources and strategies that
             can better serve the needs of Pennsylvania's 2.8 million rural residents. It promotes and sustains the
             vitality of Pennsylvania's rural and small communities by:

               •   awarding grants for applied research and model projects;
               •   maintaining and disseminating information on rural trends and conditions;
               •   publishing research and project results; and
               •   sponsoring local, state and national forums on rural issues.

               For more information, see www.ruralpa.org.

             Private Grants and Loans

             Progress Fund

               The Progress Fund fills the capital gap by providing loans from $20,000 to $300,000 to new or
             expanding businesses that seek to create jobs and opportunity in Westsylvania. The fund provides
             coaching to new and expanding businesses; refers entrepreneurs to nonprofit business developers;
             lends to eligible businesses; helps with marketing; and offers expert advice for as long as a business
             needs it. The fund will also provide services related to the management of the DCED Anchor Building
             grant. The fund may also provide an 80% loan guarantee on traditional bank loans, reducing the risk


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to investors.

  For more information, see www.progressfund.org/main.htm.

National Trust for Historic Preservation, Washington, D.C.

  Both the National Trust and the Trust’s National Main Street Center can provide technical assistance
and grant opportunities for planning and tax credits through the Meyersdale Main Street membership.
The National Trust also works with developers on New Market Tax Credits. It established the Small
Deals Fund to support smaller projects, with tax credits as low as $200,000 (redevelopment costs of
$2.5 million).

  For more information, see www.nationaltrust.org.

Restore America Grants

  HGTV's Restore America is a partnership between the National Trust for Historic Preservation and
Home & Garden Television (HGTV). Since 2003, HGTV's Restore America has provided thirty-six grants
to projects across America that highlight the work of preservation. HGTV has told the story of these his-
toric places through on-air and on-line content.

  For more information, see www.nationaltrust.org/restore_america/ra_grants.html.

1772 Foundation

  This foundation, thanks to its original benefactor, the late Stewart B. Kean, provides ongoing support
for restoration projects throughout the United States related to farming, industrial development, trans-
portation and unusual historical buildings.

  For more information, see www.1772foundation.org.

J. Paul Getty Trust Architectural Conservation Grants

  Architectural Conservation Grants support organizations throughout the world in their efforts to pre-
serve buildings or sites of outstanding architectural, historical, and cultural significance. Planning
Grants assist in the initial development of an overall architectural conservation plan. Support is also
available on a selective basis for the development of archaeological site management plans.
Implementation Grants assist in the actual conservation of a building's historic structure and fabric.



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                                                     Historic Colonial Hotel

               For more information, see www.getty.edu/grants/conservation/.

             History Channel’s “Save Our History” National Grant Program

               The History Channel’s “Save Our History” National Grant Program awards $250,000 in grants annu-
             ally to historical organizations that partner with educators on unique, rewarding projects that help stu-
             dents learn about and appreciate the history of their local communities. This grant may be possible
             through a partnership with the Meyersdale Area Historical Society and/or Meyersdale Area School
             District.

             National Center for Preservation Technology and Training

               An opportunity for additional funding, technical support, and labor could be possible NCPTT by using
             the Historic Colonial Hotel redevelopment as a classroom for teaching historic preservation techniques
             to local carpenters and craftsman.

               For more information, see www.ncptt.nps.gov/programs/.

             Laurel Highlands Visitors Bureau Grants

               The Commonwealth distributes grant money to local tourism organizations.

               For more information, see www.laurelhighlands.org.

             Partnership Opportunities

             Borough of Meyersdale, Pennsylvania

               The borough does not have specific development incentives at this time. Future possibilities may
             include the development of a Local Economic Revitalization Tax Assistance (LERTA) program and work-
             ing with Somerset County and the Meyersdale Area School District to create a Tax Increment Financing
             (TIF) district.

             Meyersdale Renaissance, Inc.

                Because the Historic Colonial Hotel is a major landmark in Meyersdale’s downtown commercial dis-
             trict, the community’s Main Street Program is a logical partner for securing funding, particularly grants
             to non-profit organization. MRI could also lead a community ownership initiative.



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Meyersdale Area Historical Society

  Like MRI, MAHS is also a logical partner for securing non-profit grants and loans. As well, the his-
torical society could channel technical expertise and educational opportunities during restoration.

Somerset County, Pennsylvania (Redevelopment Authority of the County of Somerset and
Somerset County Economic Development Council)

 Both county organizations have been actively involved with the planning and development of the
Historic Colonial Hotel project and are prepared to offer technical and grant assistance.

  For more information, see www.scedc.net.

Community Development Corporation

   A possible scenario for redeveloping the Historic Colonial Hotel would be based on community own-
ership. Members of the community could purchase “shares” of the hotel corporation in return for divi-
dends issued on those shares. As well, community investors have a financial incentive to support the
enterprise. In the case of the hotel, local residents are more likely to use the events space and book
friends and family in the hotel rooms when then can realize a dividend on their shares. Similar models
have proven very successful in restoring and sustaining businesses in small towns.

   A particularly notable example is the Powell Mercantile (called “The Merc”), a clothing store in
Powell, Wyoming. In 1999 the Stage store, a chain store carrying clothes, shoes and accessories, shut
down. That created a 180-mile round trip to buy wardrobe basics, but it also left a big hole in the town's
commercial district. After an unsuccessful campaign to lure a similar tenant, residents in Powell decid-
ed to create their own clothing store. To fund the enterprise, a community corporation sold stock at $500
a share, capping ownership at twenty shares per person. The effort raised over $400,000. The Powell
Mercantile opened in the spring of 2002, occupying 7,000 square feet of what had been a 14,000-
square-foot department store. While the corporation told investors not to expect immediate returns, par-
ticularly not within the first five years, The Merc was able to pay a divided within three years of open-
ing.

  For more information on the Powell Mercantile and similar community development corporations, see
the following articles:

  www.codycafe.com/News/detail.asp?iData=4296&iCat=1502&iChannel=1&nChannel=News

  www.planning.org/planning/member/2005apr/pitchingin.htm


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             Community Cooperative

               Community cooperatives are similar to community development corporations, except that it is typical-
             ly a one vote per member system. All members have an equal say in the operation, regardless of how
             many shares are owned. The Keystone Development Center assists communities and entities interested
             in beginning a community cooperative.

              For more information, see www.kdc.coop/welcome.htm.

             Penn State Center for Sustainability

                The Penn State Center for Sustainability seeks to develop and apply sustainable principles in educa-
             tion, research, and practice. The redevelopment of the Historic Colonial Hotel may be a good case
             study for on-going systems analysis in a commercial property.

              For more information, see www.engr.psu.edu/cfs/projects.aspx

             Marketing and Business Development Opportunities

             Laurel Highlands Visitors Bureau, Somerset County and Somerset County Chamber of
             Commerce

               Both organizations can provide extensive marketing support for the project and new businesses will
             be available upon completion.

              For more information, see www.laurelhighlands.org and www.somersetcntypachamber.org.

             Pennsylvania Tourism and Lodging Association

               The Association provides marketing and promotional assistance to businesses engaged in lodging
             activities, including smaller scale bed and breakfasts, as proposed for the Colonial Hotel.

              For more information, see www.patourism.org and www.painns.com.

             Allegheny Trail Alliance

               The Alliance provides marketing and promotional assistance to local businesses and communities
             along the trail, which connects Pittsburgh, Pennsylvania and Cumberland, Maryland.



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  For more information, see www.atatrail.org.

Small Business Development Center

  The Small Business Development Center can provide both business plan development and financial
guidance. The St. Francis University Center has assisted with the financial synthesis section of this doc-
ument.

  For more information, see www.francis.edu/sbdc/.




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DOCUMENT INFO
Description: Proposal from Cleaning Company to Pre Opening Hotel document sample