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Administration projects hotel tax and ramp sale revenue; council asks for outside valuation
Summary
Officials outlined how projected hotel occupancy and parking‑ramp sale revenues are calculated and said the city will contract outside appraisal and financial advisers as the parking authority plan moves forward.
City staff explained how forecasted revenues from a 3% hotel occupancy levy and a planned transfer of parking ramps to a parking authority were derived, and they committed to outside appraisal and advisory work before any final sale.
Staff said the occupancy‑tax projection used Visit Buffalo Niagara hotel data from 2022–23 to estimate revenue from both hotel rooms and short‑term rental units. Using average revenue per available room and estimated unit counts, the administration…
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