The new water park will be located on city land.
The owners will pay the city $1,000 per year to lease the land with a $5,000 purchase option for the hotel land and a separate $5,000 option for the convention center land.
The lease is for fifteen years and the tenant will probably not exercise the purchase options since while the land is owned by the city there will be no property taxes due.
We deserve better
This is the typical kind of deal that are City Council perpetrates upon the citizens constantly. They always state that they are trying to take the burden of taxes off of the homeowners and place it back on industry and commerce but they always do exactly the opposite when action is needed. This is very similar to TIRZ 12 where they are going to have ninety seven and a half percent residential property and only two and a half percent commercial. How in the world is that helping relieve the tax burden from the residential homeowner? Somebody really needs to learn how to do math and needs to learn how the economy really works.
Analysis is spot on. City council is either ignorant of the facts, doesn’t care, or has an agenda. Pick one.
So AGAIN the PEOPLE of El Taxo are shafted by the Mayor, City Council . Another business “Entity” whose sole purpose is to stuff the back pockets of the El Taxo politicians with Campaign “Donations”. LOW paying jobs for high-school kids, NO taxes for the business. And the PEOPLE here will never see a dime of profit, pay back from ANY of the Mayor, City Councils business operations. This includes their ball field , THEY shafted US with and it will NEVER be paid off, when THEY add MILLIONSSS every year for “Upgrades, upkeep, maintenance”. WE need the FBI to assign a R.I.C.O section to City Hall. Society of Corruption.
But – baseball!
A very very good deal for the Water Park with no taxes…how do the good homeowners of El Paso get that deal?
This is a massive giveaway of both tax revenue and taxpayer assets You can’t even by a decent residential lot in El Paso for $5,000. If Wolf does purchase the land at those prices, will those be the values used for property tax purposes? Some people of profiting handsomely and it ain’t the taxpayers. This might end up being an even worse deal than the ballpark. Follow the money.
Wolf’s name is appropriate. Taxpayers are the hunted.