Who is Bruce Thompson?

We know he’s wealthy.

He founded Gold Key Resorts in 1986 and has amassed a portfolio of companies, from hotels to restaurants and real estate, and a fortune.

And we know he’s influential in politics.

He served for seven years on the Governor’s Travel Advisory Committee and the Virginia Small Business Financing Authority.

Thompson was also chairman of Gov. Bob McDonnell’s transition for film and tourism and served on the governor’s Economic Development and Jobs Creation Commission.

He favors Republicans over Democrats.

As a donor, he has contributed more to the campaigns of Republicans than Democrats, according to the Virginia Public Access Project, a non-partisan group that monitors politics.

Yet Thompson contributed $5,000 to the war chest of Norfolk Mayor Paul Fraim in the 2010-2011 election cycle, according to VPAP.

Inside Business ranked Thompson 15th on its list of most powerful people for 2012 while Fraim was ranked seventh.

Perhaps the rankings ought to be reversed for this year’s list.

Thompson has been known to frequent Sonoma Wine Bar & Bistro at Virginia Beach’s Town Center and the Sky Bar at the Hilton on 31st Street.

His $79 million 31st street hotel project engendered fierce controversy and conflict.

Local residents wanted a park to replace demolished buildings at the spot.

Instead, the city gave into Thompson’s demands and negotiated a deal for the hotel, land, park and parking garage.

Based on available figures, Thompson risked 60 percent of his own money on the project while the city footed the bill for the remainder.

Now Thompson is storming into Norfolk, playing on Mayor Fraim’s vision to have an iconic hotel and conference center in downtown Norfolk that will connect with a Waterside busting with entertainment and restaurants.

Announced last Friday, the hotel and conference center is expected to cost $126 million, with the city financing a $19.5 parking garage with 600 spaces and a $42.5 million conference center.

Based on those figures, Thompson is putting roughly 50 percent of his own money into the deal while the city finances the remainder.

But you have to also include the $16 million the city spent on buying and demolishing several buildings to clear the area at Main and Granby Streets for the hotel and conference center.

In that case, the city foots 64 percent of the bill.

Let’s take a look at the costs to build the parking garage, for example.

Each parking space will cost $32,500 – which is the result from dividing the cost of $19.5 million by 600.

The International Parking Institute estimated that the median cost per parking space was $16,167 in 2010.

A survey of costs by various contractors on the Internet shows spaces costing from $15,000 to $25,000, from easiest to more complex.

So you have to wonder what percentage of the costs to the city are profits to the developer.

City officials say the project will generate $2 million in taxes. That may be true, yet it’s difficult to forecast such an outcome.

In addition, the project won’t be generating tax revenue until the conference center is alive and guests are staying at the hotel, maybe two years in the future.

And don’t forget that the property hasn’t generated any tax revenue for the past 8 years, since the city bought it.

Weigh that against the money promised and it could be decades before the city breaks even on the project. If at all.

But by then Norfolk will have a new mayor and a new crop of City Council members with more promises and who will want to make their own mark on the city.

The hotel and conference center isn’t an economic development initiative.

It is someone’s legacy.