Agenda Text
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City Assessor responding to a question raised about the lease at Mudflat.
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Official Text
To the Honorable Board of Aldermen,
As I understand the question raised was if the leased amount was based upon the assessed value. The leased amount was proposed by Mudflat in their response to the City's RFP
The current assessed value is for the entire building and land. The proposed rent is only for a small portion of the building. The City has had a PILOT with Mudflat since 2005 which was based upon an increasing percentage of the total value. That agreement expired at the end of FY 2012.
The Administration is currently looking at the City's overall PILOT policy for exempt properties and anticipates implementing later this year with the understanding that it is strictly voluntary.
Respectfully Submitted,
Marc Levye,
Assessor