Applegate would put in $20 million and complete the hotel in two years (not more than 2.5 years according to the contract). The town would provide the 1.58 acre tract and $8,950,00. All said, it was a $30 million project. The project would include: A general partnership between the town of Summerville, the redevelopment corporation, and the developer, Applegate & Co. A 4-story, 74,000 square foot, 66-room boutique hotel Approximately 34 condominium units Retail and restaurant space on the ground level A rooftop bar/restaurant A 10,000-square-foot conference and events facility. 179 parking spaces in the garage and on the surface According to the plan, the developer would pay for the condominiums and hotel. The town would pay for the conference center and a parking garage. They would use hospitality taxes to service bonds to pay for construction of the facility. Hotel management would run the conference center and parking garage, though the center would be owned by the town of Summerville. According to the P3 agreement, the municipality would provide an interest free $3,750,000 gap loan for 24 months. This money was earmarked for private improvements. After the project has been completed, the developer would pay 3.75% on the loan. The town would also put $5,200,000 toward public improvements such as the conference center and the parking garage. They would pay $600,000 per year for twenty years to service those bonds, using hospitality taxes. But they also projected an annual revenue of $600,000 in increased taxes, fees, and licenses associated with the project, and the mayor claims that the project will create 60 new jobs. How to do a project analysis?What is the purpose of a Public Private Partnership (P3)? Why do you think the town is pursuing this deal in this manner?