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On July 24, the City published intent to adopt a 5/8% increase in Gross Receipts Tax (GRT). Please attend a public hearing this Tuesday, August 14 at 6:00 PM at City Hall to provide your input and learn about this proposal.
The City of Farmington is considering imposing this tax increment to not only maintain our current essential and quality of life services, but to advance our city by building upon our best assets and accomplishments to prepare our city to compete in a different economy through economic diversification. Targeted industry sectors for economic diversification and job creation include, among others: outdoor recreation industry (ORII), tourism, retirement destination, agriculture, health services, location neutral, education, and energy/manufacturing.
The specific proposal is to designate the use of this 5/8% tax increment as follows:
PLEASE NOTE: The increase in GRT for this entire 5/8% proposal is 1 penny per $1.60 spent on local GRT taxable items.
Our Mayor has exercised bold leadership in proposing this special 1/4% GRT specifically to fund Economic Diversification and Community Transformation. The target for these funds is identifying and solving infrastructure and operational "gaps" that are current barriers (and will continue to be barriers) to achievement of success in economic development, infrastructure, and quality of life opportunities. In other words, the Mayor is asking for Farmington to, "put money where our mouth is" by investing in the most strategic opportunities for return on investment for economic expansion and creation of jobs. The Mayor has emphasized there is urgency for substantive action with the loss of 1500 jobs looming with the pending closure of San Juan Generating Station!
Attached please find a presentation on some of the information that will be discuss Tuesday evening. To access, click the link below: