Requested Agenda Date:
9/12/2023
Requested Agenda Title:
Title
Budget Adjustment: Mayor’s Finance requests to increase the tax increment revenue and pass thru expenses by $500,000 for the Convention Center Hotel due to the updated 2023 estimated taxable value and the proposed tax rate.
Body
Requested Agenda Item Description: This adjustment increases contractually-required expenditure and revenue, based on the estimated 2023 taxable value of the Convention Center Hotel and the proposed tax rate (current expenditure/revenue estimate is $1,765,240).
The value and tax rate will be final at a later date, the additional $234,760 in the budget provides a buffer for any increase, and for any state sales tax incentive pass through that is identified as 2023 expense and revenue.
Per the agreement, the Treasurer pays the collected property taxes to the County, and, if no holdback by the SLC RDA to pay prior bond holders (highly unlikely to occur), the County then remits the same amount to the hotel owner.
Requested Action: Discussion - Vote Needed
Presenter(s) (with titles): Hoa Nguyen, Council Budget and Policy Analyst
Time Needed: Less than 5 MINS
Is this Item Time-Sensitive and/or Requesting a Time-Certain? No
Requesting Staff Member: Wayne Cushing, Treasurer
Are Supporting Documents Needed for this Agenda Item Request? Yes