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Developer raises pledged payroll to $9 million in Trenton TRA agreement update
Summary
At a July 9 Trenton City Council work session, staff reported an amendment to a Tax Revenue Agreement in which the developer increased its pledged payroll from $5 million to $9 million and staff said they still expect about 25% higher headcount and payroll than that estimate.
Masysklis reported at the July 9 Trenton City Council work session that the second reading of the city’s Tax Revenue Agreement (TRA) includes an amendment increasing the developer’s pledged payroll from $5,000,000 to $9,000,000. "They have agreed to bump up their pledge from 5,000,000 to $9,000,000," Masysklis said.
The change reflects a higher average payroll per employee — Masysklis said it equates to roughly a $75,000 average — and staff still expect about 25% more on both headcount and average payroll than the pledged amount. He said public comments at recent meetings prompted the developer to revise its figures.
The report also noted that information about a previously discussed TIF agreement was removed because the project did not require a TIF. The council did not take a formal vote on the TRA during the work session; the item was presented as a second reading and staff described the updated projections and related amendment.
Council members asked clarifying questions about the averages and effects on local incomes; the mayor observed that the previously cited $40,000 average salary was near the average Trenton citizen income and said the $75,000 figure marked a marked increase. No formal action or vote on the TRA was recorded during the meeting. The council went into executive session later in the evening and suspended other business until after that session.
