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Council extends GUS in-lieu-of-tax pilot for five years; staff says potential payment up to ~$500,000
Summary
Council voted unanimously to extend the current in‑lieu‑of‑tax pilot agreement with GUS for another five years; staff said the company's net book value used in the calculation was about $82,000,000 and the payment under the current tax rate could be up to roughly $500,000.
The council approved an ordinance to extend the existing in‑lieu‑of‑taxes pilot agreement with GUS for an additional five-year term. City staff explained the extension maintains the current calculation method — applying the tax rate to the company's net book value — and said the net book value in the current calculation was about $82,000,000.
Finance-related numbers discussed at the meeting included an estimate that, at the city's adopted tax rate, the pilot payment would be up to about $500,000 (staff noted the amount would vary with changes in net book value and certain thresholds would trigger a contract review). The motion to extend passed unanimously with all members present.
