I came across this press release from the City from back when iFly announced their move into Monticello.
The City’s incentive package for iFly provides $162,863 in sales tax rebates over a 3-year period in exchange for the company’s approximately $12 million investment in El Paso. The company will create 30 jobs when it opens at Montecillo in 2019.
The tax revenues projected to be generated by this project will far exceed its tax rebates. Over a period three years, this project should produce approximately $659,111 in property tax revenue for local taxing entities.
. . .
“The City is cultivating business relationships to attract new companies and grow existing ones to improve the community’s standard of living and increase prosperity,” City of El Paso Economic and International Development Director Jessica Herrera said. “Creating an environment conducive to strong, sustainable economic development is key to increasing the number of high-paying jobs, lowering unemployment rates, and reducing its dependency on residential taxpayers.”
$659,111 in property tax revenue over a period of three years, huh?
The El Paso Central Appraisal District reports that iFly paid $21,922.70 in property taxes in 2019. That’s a lot less than a third of the $659,111 over three years that the City’s press release promised us.
I guess we should all expect a big increase in our property taxes next year.