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.

About Stephen E. McGaughey
International consultant in economic development programs and projects

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