Coral Gables Budget–Read the Footnote on the Biltmore
July 26, 2010 Leave a comment
(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