Resident warns council against Mass Mutual property purchase without guaranteed tax exemption

During public comments, resident Ken Cott presented an analysis of the proposed Mass Mutual property purchase and urged the council to reconsider unless the city is “1,000% certain” it will receive a 100% property tax exemption.

Cott said the proposed purchase price is $17,300,000 and, without a property-tax exemption, the maximum prudent price would be $15,000,000. He told the council that using $4,000,000 as a down payment rather than investing it (at roughly 4% in the current treasury market) carries a lost-opportunity cost he estimated about $160,000 per year. Cott said his cash-flow analysis, based on figures in the Parsons appraisal, showed the city could be $1.5 million in the red by 2032 if the full tax exemption is not realized.

He also expressed concern that other jurisdictions in St. Louis County or the county itself might challenge or litigate any attempt to secure a property-tax exemption that shifted tax burden or revenue. Cott said he would continue to engage with the city and, if the council proceeds with the purchase, he would try to make the acquisition positive for the city but urged that council “get it out of your heads that you can use it for governmental purposes” without confirming exemption and other constraints.

Council did not take action on the purchase during the meeting; Cott’s comments were recorded as public testimony for council consideration.