The water park deal gets more expensive to the taxpayers every time we study it.
In addition to the deals that the city has made we now see that the county has chipped in also.
The deal with the county (read the whole thing here if you wish) has some differences from what we have been told previously by the city.
While the city has been telling us that the development company will be spending more than $150 million on the project, the deal with the county requires the developer’s minimum investment “to include cash and in-kind contributions in an amount no less than” $100 million.
And while we have been told that the land is worth $18.6 million we find that it is on the tax rolls at the appraisal district at $4,748,573.
Anyway
Moving along as though those numbers don’t matter, the county has committed to give the developers up to:
- $3,048,544.54 in real property tax rebates
- $ 208,812.20 in personal property tax rebates
- $1,037,737.42 in hotel occupancy tax rebates
The total is $4,295,094.10 if I ran my calculator correctly.
Remember that we cannot use the water park unless we rent rooms at the hotel.
We deserve better
Brutus
elpasospeak 
Well see the reality is that, the MORE El Taxo City, County politicians GIVE to these Developers, RICH businesses, the MORE MONEY the El Taxo Society of Corruption gets in THEIR back-pocket, campaign “Donations”, bank accounts. BILLIONS$$$$ in debt and no way to EVER pay it. ALL on the backs of a FEW taxpayers, homeowners. People who loan THEM money should know better. El Taxo, BANKRUPTCY, default coming.
LikeLiked by 2 people
Even Andrew Haggerty, usually fiscally conservative, voted for this nonsense. What on earth got these commissioners to hand over the bucks? Has anyone taken a look at the junky site along I-10 where this “resort” will be? The Rosy Scenario presented by the promoters of this “deal” claims that there will be an economic benefit of $680 million over ten years. Let’s be generous and assume that the 384 fulltime jobs that might result will bring in $20,000 each annually, or $7,680,000, and that none of those hired actually live outside El Paso. How exactly will the remainder, $60,400,000, be realized? Even if the prediction of a possible clientele of 500,000 annually (1320 persons per day, every day of the year) is realized, will they really spend $5 million and change per month outside the hotel?…a lot of souvenirs and tacos, wouldn’t you say? Maybe every visitor will hustle over to the Outlet Shoppes, but it seems unlikely they’ll be dropping over $166K per day…
LikeLiked by 2 people
Unless someone has bought off certain state officials, the state will in all likelihood not agree to the $40,000,000 incentives that are being requested from the state because the city is making a ludicrous case to try to justify the state incentives. That means El Paso taxpayers are also going to be on the hook for that $40,000,000, which has also been guaranteed by the city. You know there are hidden, understated costs just as there were with the ballpark and quality of life projects. The total cost of Wolf is going to make the ballpark deal look like a good value.
LikeLiked by 1 person
That Great Wolf is going to eat us for dinner.
LikeLiked by 1 person
Just another scam, CON by El Taxo politicians. Money, campaign “Donations” in their “Back pockets” Just like the politicians ball field THEY FORCED on taxpayers. Tax, waste, spend, tax some more. BILLIONS$$$ in debt and no way to ever pay it. BANKRUPTCY.
LikeLike
😢
LikeLike
I just simply want to know why we continue to subsidize private businesses when they are not bringing anything extraordinary to our city. Walmart employs more people and we don’t pay for their stores to be built.
I also want to know why if that property is supposedly worth 18.6 million dollars is it on the tax rolls for under 5 million and for how long it has been undervalued so extremely. It seems to me that El Paso Central Appraisal District can certainly seem to prove that all of our houses are worth more than they really are.
LikeLiked by 1 person