Mineola council OKs budget, tax rate, hotel incentive
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Mineola City Council took care of all budget and tax matters Monday.
The council approved a property tax rate of 48.2 cents per $100 valuation, five cents lower than last year.
The adopted …
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Mineola council OKs budget, tax rate, hotel incentive
Mineola City Council took care of all budget and tax matters Monday.
The council approved a property tax rate of 48.2 cents per $100 valuation, five cents lower than last year.
The adopted budget includes $5,740,695 for the general fund and $2,776,525 for the water utility fund.
The city anticipates receiving five percent more in sales tax revenue.
The council also approved a three percent increase in the water and sewer rates charged to customers.
Following a closed session the council approved the economic development incentives as recommended by the Mineola Economic Development Corp. for Social Network Group LLC to construct a Holiday Inn Express and Suites off Debby Lane and US Hwy. 69 South.
It includes a $200,000 assistance payment during construction, dedication of the 3.67 acres for the site and property tax rebates covering five years – 80% the first two years, 50% the next two and 25% the final year. Also included is a 50% rebate for hotel occupancy taxes.
Construction must conclude inn two years.
The council held a public hearing for the proposed budget on Sept. 9 and set Sept. 13 as the date to officially adopt it.
Also approved were the final payment on the Blackmon Meadows sewer lift station project and the sale of a lot at 116 Landers St. for $3,500 to Justice Ndhlovu of Vernon. It also requires approval from the county and school district.