A Win for US and Wynn

The possible purchase by Wynn Resorts of all the remaining available developable land in Everett needs to be overseen more carefully than the deal worked out by the mayor for the in lieu of tax payment by Wynn.

The city now receives $30 million a year in an in lieu of tax payment for the casino and hotel.

We do not believe any such in lieu of tax payment deal can be hatched for Exxon’s 96 acres, unless of course the payment was so ludicrously large that the city would be crazy not to accept such an offer.

The $30 million Encore is paying the city now doesn’t look as great as it did before we were collecting that money in 2019.

The question is this. How much in taxes will the Exxon land by itself generate right from the start?

If Wynn buys the land and pays $300 million or more, which is to be expected, what can the city expect in a yearly tax payment? Mind you, an assessment of $300 million isn’t exactly the end of the world in today’s expensive real estate marketplace. Exxon’s 96 acres should generate more tax dollars than Encore pays to the city each year.

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