Monrovia : More Property Tax Sought
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The city has asked the county to lift a $3-million cap on the amount it can collect from property taxes at redevelopment sites. If the limit is raised, 11% of funds collected over $3 million would go to schools for capital improvements, under an agreement the city made with the Monrovia Unified School District last week.
“This is one of the most exciting things to happen in the district,” said Supt. Don Montgomery, adding that the aging schools could use $40 million in improvements. But because of a shortage of funds, the district has only budgeted $4.5 million for work over the next two years, he said.
The agreement, which, if approved by the county, would take effect at the beginning of fiscal year 1992-93, is expected to boost district funds by at least $3.5 million over the first 10 years.
County officials refused to comment on details of the cap-lifting request.
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