My Corning Hotel FAQ
Frequently Asked Questions
Why a hotel?
We need a place for visitors to stay. Alumni, family, friends and other visitors have to stay 25-30 miles from Corning and spend time driving back and forth, when they would rather be closer. Also, we watch dollar after dollar escape our community as sales taxes, dining, gas, retail sales are spent in the other communities they are lodging at.
Who is working on this project?
The project is being led by a core committee representing the ACEDC Fund Inc, a 501(c)3 arm of the Adams Community Economic Development Corporation.
Would this be a franchise property?
The core committee has met with 2 franchise companies and 2 private hotels to gain information. The construction cost projections for each were around $3.5 million. Once we knew the approximate price tag, the committee decided we needed to determine whether at least $2.5 million could be raised for the capital needed to build the project. Meanwhile, members of the committee are reading through pages and pages of franchise agreements to become better informed before making a final choice.
How many rooms would there be?
The research shows that the hotel would need 32-35 rooms in a 2-story building.
Who would own the property?
ACEDC Fund Inc. is a 501(c)3 non-profit affiliated with the Adams Community Economic Development Corporation. If the funding can be raised, ACEDC Fund Inc. would play a large role in the ownership of the property. Donations for the capital campaign are tax deductible. If there are profits above the normal scope needed to maintain the hotel, those dollars would be used for other community projects.
How will you raise the money?
Currently a fundraising committee has begun to ask for pledges. Since some alumni classes met in July, the committee started with those classes. There is an alumni challenge for classmates to work together to raise pledges for $10,000 per year for 5 years. For each class that reaches that goal, their class year will be on a plaque for one of the rooms. The goal is to raise at least $1 million from alumni pledges. In additional there is a $1.5 million goal from other individuals, businesses and grants.
How are you contacting alumni?
The fundraising committee is trying to find a champion/cheerleader from each class who would be the main contact to the committee. That person would gather the contact information from classmates, help send out information on how classmates can give, keep them informed on how close their class is to reaching their goal. Currently the fundraising committee has class champions for 1955, 1963, 1969, 1972, 1975, 1976, 1977, 1979, 1980, 1987, 1988, 1990, 2003, and 2007. If you would like to be a champion/cheerleader for your class, please let Beth know.
How are you contacting businesses and individuals?
We hope this article will help let more people know and understand what we are trying to do. As you can imagine, it is very time consuming to set up meetings with every business and family in the community, and since it is difficult to get a list of every family, we will rely on the community.
I am interested in making a pledge, how does that work?
You can make a one-time pledge, or you can make a pledge over 5 years. At this time, do not send money. Once a minimum of $2.5 million has been pledged and the project is moving forward, you will be contacted about making payments. There is a website www.mycorninghotel.com. It was originally developed for alumni, however, anyone is invited to use the form to make a pledge.
Are Pledges Tax Deductible?
Always check with your own financial advisor about your unique tax situations. However, yes, you would be contributing to a 501(c)3 non-profit, and would not be receiving anything except recognition for your donation, so your donation should qualify as a tax deduction as defined by the IRS.
What if I have more questions about making a pledge?
You can contact Beth at the ACEDC office and she will have one of the committee members contact you. Her phone number is 641-322-5229 or e-mail firstname.lastname@example.org
What is the timeline for the project?
While no exact timeline for the project has been set. The goal for the fundraising committee is to determine if we have $2.5 million in pledges by December of this year. While the fundraising committee continues to work on that, other committees are forming to gather more information and community input. Watch for more information in the Adams County Free Press. Additional information will also be on the mycorningiowa.com webpage.
Will there be a pool?
In visiting with many other small communities, everyone has advised against a pool. Costs are high, there is no additional revenue, you have to pay additional hours for cleaning. In a small town without competition of other hotels, it does not make fiscal sense. During peak travel times, (May – September) the Aquatic Center is available.
Will there be a restaurant/lounge?
The community already has many great restaurants and an additional one is in the process. We would rather encourage guests to support local establishments.
Will there be a conference center?
The community already has many locations for meetings and events. We would rather encourage guests to support those local facilities.
Will it have an elevator?
Yes, plans are for an elevator in the 2-story facility to assist guests and staff.
Will breakfast be available on site?
Yes, there will be breakfast available as part of the accommodation package. It is becoming standard at most hotels.
For additional questions, please contact the ACEDC Fund Inc. office at 641-322-5229 or e-mail them to email@example.com.