Composed 7 May 2011 How much is the Recreational Complex going to Cost?



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What 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 this project? 

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 making process. 

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.


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