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Belize City property taxes and trade licenses – it's a thorny issue, because on one hand, the revenue earned from their collection, allows the council the ability to run the city, and meet certain debt obligations.

But, the private sector city says that the criteria in which their businesses are assess is unfair and in drastic need of a revisit.

Weeks ago, Bradley told the media that he was open to a discussion on the criteria review, but the responsibility rested in the hands of the chamber. Today, both sides met for a frank discussion on the way forward, and 7News attended.

Here's what the president of the BCCI told us about the current system and its weaknesses:

Kay Menzies - President, BCCI
"In the past we've had our differences with City Hall. Today's event represents the building of a new partnership. We have been working with the City for the last couple months, trying to find an answer to the replace the trade license regime, which we had a little bit of an uproar last year. In that process, I think we've realized and come to an understanding that it takes everybody working together to develop this City to its full potential."

Darrell Bradley - Mayor, Belize City Council
"The cost of doing business in Belize City is very high. You pay property taxes; you pay trade licenses. What we're seeing is that people are going right across the Haulover Bridge, to Ladyville, and we're noticing the business base of that community is growing because there is no property taxes and trade licenses. So, what we want to do is that we want to think about incentivizing Belize City, so that we are drawing business and investments so that people are encouraged to stay in Belize City, those businesses that are here, and people are encouraged to come to Belize City. Now, to develop that kind of facilitative atmosphere, we don't have the answers. The Government is not ordinarily a creator of business. We're a partner; we're somebody at the table, and we have to be listening. The idea of the mixer is for us to build an ongoing relationship with the private sector, so that we're listening to them."

Kay Menzies
"It's the largest population centre and as the home of all the financial services, airports, the port and so on, we have tremendous opportunities here. The thing for us is that the City has to capitalize on those opportunities, and attract more business, regard itself as a competitive entity. It's competing with Chetumal, Ladyville and many other municipal entities, and it has to recognize that and decide that it wants to compete."

Darrell Bradley
"One of the things that has come out of our discussions with the private sector is that we have put a moratorium on property taxes and trade licenses because we recognize that the business community is taxed too much. We need to look at creative ways to generate revenue; we need to be very serious about what we are doing in Belize City at the municipality level."

Daniel Ortiz
"Are you guys working towards a final agreement with City Hall in terms of trade licenses and property taxes?"

Kay Menzies
"There will have to be, simply because the City needs business to survive, and businesses need the city in order to do business. All parties agree that the current trade license mechanism is not working for anybody. It's raising revenue, but it's marginalizing those who pay, and it's too arbitrary. So, there is that agreement. There is that understanding that it has to change; what it will change into, can't really say right now, it's still in its process."