The Miramar Hotel managed to use a loophole in 2006 when they purchased the Miramar property for $200 million to save approximately $1.2 million every year in property taxes.
That means the County of Los Angeles, the City of Santa Monica and the local school district lost needed revenue for the past 14 years of around $20 million dollars.
I bring these lost revenues up now because the Miramar is coming before our City Council with another revenue dodge -- a development agreement that offers meager community benefits in exchange for a massive new building that will bring them profits in excess the generous 12 percent expected of hotel projects.
Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/letters/Letters-2020/09_29_2020_OPINION_The_Artful_Dodgers.html
