Aquatic Center Votes
is the expected cost for the project? The cost for the land is not
covered by the TIF money. There is sewer work that will be paid
for from the sewer fund. They will be borrowing money in the forms
of bonds. How will these finance cost be paid? Is this a $6
million, $8 million or $10 million dollar project?
One of the reasons this project is being
proposed was because the council found $6 million dollars in TIF money
they did not realize was available. In the first public disclosure
of the meeting the council declared this project would not be funded by
our taxes. I'll argue in the Opportunity Cost section that even if
the entire project was funded by TIF revenues it really would be funded
by our taxes. But it appears now that a significant portion of the
project will be funded by other than TIF dollars. For instance the
land purchased for the project will not be acquired using TIF
dollars. I am unaware of the contracted price for the land but the
council authorized up to $700,000.
Also, the sewer work being done for the project will come from the
Sewer fund (which comes from our water bill payments). Caveat -
this work should be done anyway as the current set up has been causing
problems and complaints for a few years.
||Also, this plan is paired down from the
desired facility. When the council first announced the plan they
believed they would be getting a full size aquatic facility and probably
the walking paths, amphitheater, restrooms, playground, parking, and a
Shull Rd entry way. These items will add more than $2 million
above the current TIF fund projections.
The finance charges also are not disclosed in these proposals.
At one time it was the expectation that these charges would be paid for
from TIF revenues. Is this still the expectation?
So what is the current total money the council expects to outlay for
Let me state again I am not currently a member of
council. I am not privilege enough to know what has been discussed
in executive session. There is also the possibility the
information is available publicly. I welcome you or present
council members to point to the public record if there is one available
and I will incorporate that knowledge in my assessment and decision
The actual cost of this project as proposed will not
be covered by TIF revenues. How much additional tax payer revenues
has not been determined. This determination needs to be
done. I believe the amount already identified requires the council
to seek extensive public comment before voting to commit more resources
to the project.