Common Contracts
1 similar Tax Incentive Agreement contracts
Cog Tax Incentive Agreement UpdateTax Incentive Agreement • October 31st, 2018
One June 26th City Council by a 6-1 vote adopted an ordinance and executed a tax incentive agreement with the Cog Railway. It provided for a 50-year agreement with increasing caps on the amount of excise tax the Cog will pay over 50 years. It also provided for two $500,000 payments to the City in 2018 and 2019 to cover anticipated tax revenues if the Cog were to be running. The City agreed to waive Use Tax on building materials for the initial Cog rebuild. The Cog would initially pay $500,000 for parking facilities and transportation management.
