Barstow Hospitality, LLC FY25 - Beginning Balance - 100.120.349 $ 176,966.02 * Agreement Period 10/1/2023 - 09/30/2028
Activity Description Hotel / Vendor Name Activity/AP Date TOT Period TOT Paid TOT Subsidy to Hotel
Operator
Revenue Recordation
Per True Up/Down
October thorugh Sept REMAINING BALANCE
AP Check Barstow Hospitality, LLC 9/27/2024 FY24-Q4 $ 120,000.00 $ 56,966.02 TOT Payment JE105024 Towne Place 10/24/2024 FY25-Q1 $ 69,278.98 $ 126,245.00 TOT Payment JE105025 Fairfield Inn 10/24/2024 FY25-Q1 $ 65,096.31 $ 191,341.31 AP Check Barstow Hospitality, LLC 11/8/2024 FY25-Q1 $ 120,000.00 $ 71,341.31 AP Check - Annual True Up Barstow Hospitality, LLC 11/8/2024 Oct 2023 - Sept 2024 $ 61,930.71 $ 9,410.60 Revenue Recordation Acct# 100.410.230.141 11/8/2024 Oct 2023 - Sept 2024 $ 9,410.60 $ - TOT Payment Towne Place 1/29/2025 FY25-Q2 $ 64,154.69 $ 64,154.69 TOT Payment Fairfield Inn 1/29/2025 FY25-Q2 $ 74,137.10 $ 138,291.79 AP CHECK Barstow Hospitality, LLC 2/27/2025 OCT 2024 - DEC 2024 $ 120,000.00 $ 18,291.79 $ 18,291.79
$ 18,291.79
$ 18,291.79
$ 18,291.79
TOTALS: $ 272,667.08 $ 421,930.71 $ 9,410.60 $ 18,291.79 Balance Acct# 100.120.349 $ -
$ 18,291.79
Periods Not Aligned with FY Annual Period 1 Annual Period 2 Annual Period 3 Annual Period 4 Annual Period 5 10/1/2023 - 09/30/2024 10/1/2024 - 09/30/2025 10/1/2025 - 09/30/2026 10/1/2026 - 09/30/2027 10/1/2027 - 09/30/2028 Received 489,410.60
Reimbursed 418,069.29
True Up At Year End (Nov) 61,930.71
Total Paid Per Agreement 480,000.00
Total Recorded TOT Revenue 9,410.60
FY 2024/2025
As per agreement, upon the Hotel Operator commencing the commercial operation of the project as a hotel.....(the "Total Reimbursement Amount"), to be paid on a monthly basis in the amount of $40,000.00 per month, for a 60 month period….to the Hotel Operator. The Monthly Reimbursement Amount shall be reduced in any month during the Reimbursement Term in which the TOT receipts are less than $40,000.00 by an equal amount to the difference between the monthly reimbursement an the TOT receipts for such month....the "Annualized Reimbursement" will equal $480,000 (if) the TOT receipts for each such period will exceed $480,000.....At the end of each 12 month period....a true up shall occur that will cause the annualized reimbursement for such period to equal $480,000.00. The parties acknowledg that if the TOT receipts do not meet their expectations during the reimbursement term, the total reimbursement amount may be less than $2,400,000.00.
Total Payments per
Agreement