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Council debates draft TLT/abatement terms tied to proposed Dundee hotel; equity and caps remain unresolved
Summary
Council reviewed a draft transient lodging tax (TLT) abatement and performance‑based payment proposal for a proposed hotel, discussing net-present-value comparisons, milestone timelines, maximum caps, transferability and the source of URA/system‑development contributions. Council requested staff run equity calculations and return with a revised draft.
Councilors spent a lengthy portion of the meeting reviewing draft terms tying transient lodging tax (TLT) payments and tax abatements to a proposed hotel development.
Staff laid out example pro forma figures and net-present-value comparisons over 15–20‑year timelines and described proposed performance milestones (e.g., ground‑breaking by a mid‑year deadline or…
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