Posted in Business

City loses money on MCM-BAP deal

   June 16, 2015

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I called Escambia County Property Appraiser Chris Jones and asked him to estimate what the real estates taxes would be on a $33-million investment at the Maritime Park.

Jones estimated around $590,000 a year. With the Miami developer only wanting to pay $150,000 a year for lease, real estate taxes and common area maintenance, the city of Pensacola would lose $440,000 year on the leases for parcel 4, 7 and 8.

And that doesn’t include what the city would have to eat on the common area maintenance.

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