Clark County officials OK measures to aid Monorail Co.’s fees
Clark County commissioners on Tuesday approved two measures that will aid Las Vegas Monorail Co.’s county business license fees, which increased after the company restructured its debt.
The county will return to Monorial Co. $246,213.78 in business license fees paid to the county from January 2013 through last June 30, under a settlement agreement commissioners unanimously approved Tuesday. The county keeps the other half of those fees, plus its guaranteed minimum payment of $75,000. The company had paid $567,427.56 during that time period, including the $75,000 minimum.
The county also changed the business license fee structures for monorails and other fixed-guideway transportation systems so that they no longer use a formula that factors in the amount paid for debt service. Monorail’s business license fees to the county shot up after its debt service was restructured.
The company filed for bankruptcy in 2010.
Under the new business license fee plan, Las Vegas Monorail Co. would pay the larger of two options: a minimum payment of $12,500 a quarter, adjusted annually for inflation, or 0.25 percent of gross revenue each quarter.
Monorail CEO Curtis Miles said after the meeting that the changes are a “fair result for everybody,” adding that the county was helpful throughout the process.
Las Vegas Monorail Co., a nonprofit company, projects that it will log more than 4.5 million rides this year.
Contact Ben Botkin at bbotkin@reviewjournal.com or 702-405-9781. Find on Twitter: @BenBotkin1.