"The Citizens Of Midland Are Not Writing A Check To Help Build Energy Tower," Says Midland City Council

"The Citizens Of Midland Are Not Writing A Check To Help Build Energy Tower," Says Midland City Council

Midland city leaders say as of now they're officially done negotiating and handling all of the logistics behind the Energy Tower. Jenne Anderson Reports.
MIDLAND-- With final agreements in place, the city of Midland says they're ready to hand the Energy Tower baton off to developers.

"We feel that we're through with this now,” explained Midland Councilman, Michael Trost. “This was the vote that pretty much said, ‘OK, we're with you.’"

In a special session on Tuesday the Council approved the decision to reimburse Energy Related Properties 80% of the revenue the tower generates (with a cap of $50 million for no more than 18 years).

But the main message the council wants to get across- "The citizens of Midland are not writing a check to help build Energy Tower," explained Councilman John James.

James says Energy Related Properties will be responsible to fund the entire project.

Energy Related Properties will only get a rebate on the money they generate in sales tax, hotel and motel tax, and property tax; leaving the city with an estimated $1.1 million each year.

"All of that stuff over the long term will help us pay for the hundred million dollars worth of road and infrastructure improvements we've got to make over the next 20 years," said James.

The council also approved the decision for the Midland Development Center to give Energy Related Properties up to $10 million over the next 10 years; which will go towards infrastructure improvements like water, sewage, road projects, and more parking.

Council Members say the $10 million will come from the sales tax that the Midland Development Center is given to help fund development projects.

"It's the right approach for adding that much of a future tax base to down town Midland," stated James.

Right now Energy Related Properties is working hard to secure tenants for the tower.

But, James is confident it won't be too much longer until the 58 story skyscraper is a permanent part of the Tall City.

"I think in the next 9 to 12 months you'll start to see some significant activity," said James.

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