City council has an agenda item on their Tuesday, October 1, 2019 agenda that would modify a deal they cut with the owners of the properties that we commonly refer to as Monticello.
The backup material includes an amendment to the contract but does not show what will be changed.
It took a little digging but we found the original contract and compared it to the proposed revisions.
It seems that the original contract refunded 100% of the increase (because of the building that they were doing) in city property taxes through 2017, 50% through 2027 and 25% through 2032.
The new deal gives them 100% of the increase from 2020 through 2022, 50% from 2023 through 2032, and 25% from 2033 through 2037.
The owners will also have to increase property values less in order to be eligible for the tax payments.
Originally they were required to meet at least 50 percent of this chart:
Under the revision they must meet a much lower goal of 50% of this chart:
In return they will give up the tax rebates from the facility known as Top Golf.
We deserve better