Tax Credits 20,000
Cash on Hand 56,000
Total Revenue $676,000
Utilities $ 200
Contract Services 12,500
Total Operating Expenses $ 12,700
Phase 1A-Asbestos Abatement $ 50,000
Phase 1B-Structure and Roof 600,000
Total Construction Expenses $650,000
Total Expenses $662,700
Budget Deficet/Surplus $ 13,300
Operating Budget After Renovation
PANHANDLE INN FOUNDATION
OPERATING BUDGET AFTER RENOVATION
City Hall 19,730
Space 1 8,000
Space 2 10,960
Annual Fundraiser 10,000
2nd Floor Apartments 36,000
2nd Floor Guest Rooms 54,441
Total Revenue $151,131
Util/Maint Guest Rms. 5,590
Total Expenses $107,820
Budget Surplus $43,331
$27,535- Paid by City of Panhandle. 1,899SF @ $14.5/SF/YR.
$15,892-1,096SF @ $14.5/SF/YR
$10,000-Annual fundraising depends on securing an endowment as well as excess revenues. The Inn will continue fundraising events and donation campaigns to raise a $1 Million Endowment Fund
$36,000-3 upstairs lease units @ $1,000/MO/YR. Tenants pay own utilities.
$80,534-5 upstairs guest rooms (Explanation of figures will follow.)
Operating Expenses Assumptions
$40,000- utilities and maintenance for 20,000 SF @ $2/SF/YR.
$57,000- Median expected annual pay for a typical Meeting/Event planner (salary.com). The Inn is prepared to hire a manager to oversee maintenance, apartment rental agreements, commercial office space leasing, scheduling of special events and booking of venues.
Explanation of 2nd floor guest room revenue:
Panhandle currently has one motel for overnight stay-Budget Inn located on HWY 60
Budget Inn’s 2012 annual receipts (before windmill worker boom) $120,803.77
Budget Inn-18 guest rooms @ $35/night
Panhandle Inn- 5 guest rooms @ at least $70/night
$80,534=$120,803.77 divided by 3, (5 rooms is approx.1/3 of 18), multiplied by 2. (Inn’s guest rooms will cost at least twice as much as Budget’s.)
The Panhandle Inn will have high appeal to the heritage tourism market.
Explanation of Venue:
Information on venues in Panhandle, Amarillo and surrounding areas was collected.
Venues at the Panhandle Inn will compare to Amarillo Botanical Gardens. I.e.( P.I.-Ballroom, Lobby, Garden Area. A.B. G.-Auditorium, Gallery, Lawn.)
The Inn’s venues will serve as a great reception area for weddings hosted at the Square House Museum’s Conway Church, local churches, area churches and the Carson County gazebo.
Currently Panhandle has one venue which allows the serving of alcoholic beverages-Panhandle Country Club. The club is dated and small. The Sq. House makes exceptions with board approval.
The Inn can accommodate weddings in the ballroom or garden area. Bed and breakfast rooms may be used as Bride’s room and Groom’s room for dressing and for overnight guests. This is a very special amenity.