Mammoth Council Debates Developer Subsidies, More At Aug. 30 Special Meeting

Staff Writer

The Mammoth Lakes Town Council meets tomorrow, Aug. 30 at 3 p.m. at Suite Z (above the Chocolate Factory in the Vons mall) for a special, joint workshop meeting with the Mammoth Lakes Planning and Economic and Development Commission regarding how to handle the Old Mammoth Place Development Agreement. According to the Town’s Agenda/staff report, the developer of the proposed project is asking for changes to the way the DA is executed, including subsidies.

Here’s some of the text that includes part of what will be up for discussion tomorrow:

• Transient Occupancy Tax. The developer has proposed that the Town reinvest a portion of the Transient Occupancy Tax generated by the project back into the project. The developer has proposed that the Town refund to the developer a total of approximately $23 million of Transient Occupancy Tax (in terms of net present value) over a period of up to 20 years. This equates to a subsidy granted by the Town to the developer of a total of approximately $46 million over a period of 20 years. Staff will prepare additional detail, including a spreadsheet of the proposed reinvestment and basis, prior to the workshop.

Here is the staff report links: