Colorado State Economic Development Commission Awards Gaylord Aurora Project State Sales Tax Incentive
Saturday, May 19th, 2012NASHVILLE, Tenn.–()–Gaylord Entertainment Company (NYSE: GET) announced today that the
Colorado State Economic Development Commission has awarded the Gaylord
Aurora project a state sales tax incentive pursuant to the state’s
Regional Tourism Act enacted in 2009. The incentive award provides for
an annual rebate of 65.8 percent of the state sales tax generated by the
project for the first 30 years of its operation. As a result, the
project would receive 65.8 percent of the state’s 2.9 percent sales tax,
equaling 1.91 percent of project revenues annually over its first 30
years of operation. This award is subject to the EDC and Gaylord working
together over the next 120 days to refine the parameters of the project.
“We remain enthusiastic about the potential for our
proposed Aurora development, and are confident that a Gaylord property
in the Denver market would represent a substantial boost to the local
economy and tourism industry.”
The City of Aurora and Gaylord had applied for a 95 percent sales tax
rebate as part of the State EDC’s competitive process to select two
projects for the Regional Tourism Act incentive award.
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