Updated: The Anaheim City Council on a 3-2 vote approved the extension of the agreement. Read More Here.
The Anaheim City Council will be discussing today the extension, for two years, of another giveaway of future Bed Tax revenue to a luxury hotel developer. According to the staff report, the developer could receive up to $44 million dollars in Bed Tax revenue over a 15-year period after the property opens.
The extension proposed by staff will give the developer another two years to move the project forward. Without the extension the developer, Lake Development – Anaheim, will forfeit the previously granted subsidy.
Earlier this year, the granting of a $158 million Bed Tax subsidy to the developers of a luxury hotel development in the Garden Walk project area sparked community protests and a Charter Amendment campaign in opposition to the Council actions.
It should be interesting to see if the Council cabal of Eastman, Sidhu, and Murray will continue the practice of shelling out “money for Nothing’ to their developer friends (contributors).
Voice of OC has more on the proposal and earlier controversy here.