UNTIL Portsmouth starts turning a profit on the Renaissance Portsmouth Hotel and Waterfront Conference Center, city officials have no business contemplating investing public dollars in a similar venture.

Since the Renaissance opened in 2001, it's helped elevate Portsmouth as a destination for conferences, provided residents with a place to gather in their own city rather than elsewhere in Hampton Roads, and enhanced downtown revitalization efforts.

But, as The Pilot's Jen McCaffery reported this past week, the city still isn't close to breaking even on its investment. According to city figures, the project generated $1.3 million in tax revenues in 2007 -- but is costing the city $2.5 million a year in debt service.

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In addition to the Renaissance, the city is subsidizing other projects, with little or no return.

The Virginia Sports Hall of Fame is drawing $900,000 a year in subsidies. The budget recently approved by the council includes $7 million in debt service for the planned redevelopment of the Holiday Inn site downtown.