Dear editor,

With the rescission of the most recent offer on the St. James Hotel, yet another short but odd chapter in the hotel’s history comes to a close. However, the city council may have had the right plan this time, albeit definitely with the wrong partner. Listing the hotel is the proper step now; yet, it is also time to make sure priorities are identified and kept on the front burner.

The hotel did appraise for $900,000, but selling it at or near that price should not be a priority. It reminds me of when I was ten years old collecting baseballs cards and proudly told my dad that the baseball card book said that a certain card I had was worth several dollars instead of pennies like the other cards. He told me a lesson that sticks in my head to this day, “Son, it’s only worth what someone will pay you for it.”

The St. James is only worth what the right investor will pay for it. It’s an asset that is not worth much at all to the city or the community at present, but it clings onto future hopes.

The most important thing for the city now is the right investor. Whether the hotel ultimately sells for $1 or $1 million is not the most important issue. In the long run, the hotel (if it can be brought to its full glory) is a necessary lynchpin in helping downtown achieve her tourism and commercial potential which in turn would improve Selma in every category. Finding the right partner, who can also see that vision and has the actual resources to bring to the table, is the tantamount issue.

It would be much better to give away or sell the hotel at a steep discount to the right investor than to sell it for nearly a million to someone who will let it flounder or lacks the additional resources to take it to its potential.

Restoration and expansion into the old Dallas Feed building are necessary conditions to attach to a sale, as is a commitment from a flagship hotel chain. In return, the city as seller has to recognize that there must be several million dollars spent. If it comes to it, the hotel should be essentially given away along with tax incentives to ensure the higher priorities are met. This should not be viewed as giving away, rather it will be bringing outside dollars into town which weren’t otherwise present.

However, the buyer should be reasonably vetted on the front end of negotiations and fully vetted before consummating a final contract. In addition, the city should be able to receive a nice percentage of the net profits on a resale of the property and/or a small percentage of net operating profits, if it is sold extremely cheaply to the investor.

The bottom line is that the right partner is found and an enticing deal is struck that appeals to both parties. That is the best way for the city to come out of this saga.

JAY MINTER

Selma