Coral Gables Budget–Read the Footnote on the Biltmore

(Page 14)  “*The Biltmore is currently refusing to pay rent under the Biltmore Lease and the Management fees under the Biltmore Golf Operating Agreement to be $1,910,000.  If this is not resolved, the City will have to find additional sources of revenuue or have further reductions in personnel/operating costs.”

This states that the budget could be close to $2.0 million shortfall in the budget.  This means more taxes and/or reduced spending.  Let’s see what the city does with the Biltmore lease negotiation.  Almost certainly taxpayers will take another hit because of the Biltmore.