In a development that could significantly impact the proposed downtown hotel/convention center, a report by a Member of the Appraisers Institute says the purported “feasibility studies” by PricewaterhouseCoopers, Ernst & Young, C.H. Johnson Consulting, and Hospitality Valuation Services of the project are, in fact, less comprehensive market studies.

Mark Kenney, MAI, of American Valuation Group, examined all of the documents, and made his report in a statement dated December 22, 2005. Kenney summarizes his findings: “In conclusion, my review of the five reports discussed above indicates that they are intended to be market or marketability studies, and neither are represented as feasibility studies nor include sufficient information and analysis required to be considered feasibility studies."

Penn Square Partners and Lancaster Newspapers, Inc. have continually made representations that the studies were “feasibility studies.” Lancaster Newspapers, Inc. is an investor in the proposed project.