Below are the particulars on the 30 year General Obligation Bond(s):
Assumes
30 Year Financings:
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|||||||
Year
|
AV Growth
|
Project Amount
|
Issuance Date
|
Annual Debt Service
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Millage
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Par Amount
|
|
2015
|
8.00%
|
28,000,000
|
6/1/2015
|
1,945,000
|
1.66
|
28,300,000
|
|
2016
|
4.00%
|
||||||
2017
|
4.00%
|
14,300,000
|
6/1/2017
|
1,005,000
|
2.33
|
14,600,000
|
|
2018
|
4.00%
|
||||||
2019
|
4.00%
|
20,000,000
|
6/1/2019
|
1,400,000
|
3.18
|
20,300,000
|
|
62,300,000
|
63,200,000
|
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The largest percentage of property owners have property valued between $10,000 up to $50,000. Based on last year's values, 08.66% of the city has a property assessed at (after deducting homestead), between $40,000 and $50,000. If your assessed value is $50,000 and your property NEVER APPRECIATES, you will be paying an additional $159.00 a year starting in the 5th year for 30 years not to mention what you have already paid for the first 4 years.
Don't forget--the city is only doing 30% of the roads. What happens a few years from now and they have that "ooops" moment and they tell us that they really must re-do another 30% of the roads. Infrastructure is collapsing all across the country. What are other cities doing? Last evening, the History channel had a movie on America's infrastructure and mentioned that it usually only lasts 50 years. Are we going to build up reserves to save for this day that will surely come or will commissioners still keep their travel budget a priority?
I agree with you Lynn, this is all waste and a big farce that the comm is trying to pull over on the LW citizens. 30% of roads only, not much, I was on the fence, but now I agree, we will not see any real results in 2020 from all of this, or very few that are not even noticeably. The city comm and admin woudl be better off using the 50K to focus on more code enforcement to address blight more and having the PBSO to address crime better. If the city could wipe out blight and reduce crime, the city then could attract more home-ownership in this city taking pride in the city and it in itself would attract more to our city and then raise all to then be able to infrastructure. I am afraid this 2020 will never pan out to show any "real" results and will just be money wasted and put us in more debt. I think we need to vote out some of these goons on the comm. Andy doesn't even own property in this city, so he could care less if the rest of us all have to pay higher taxes in this city. I am sorry, but I do not trust our city comm nor believe they will ever really be able to make a difference with this 2020, focus on blight and crime, the real problems and then we can address and attract more good people here to improve the infrastructure. Lynn you are a wise woman, I wish we had some wise people on our comm. now too.
ReplyDeleteThanks Lynn for your continued education for all the rest of us on all of this. This is not right for our city, it is waste and will never really show any true results, keep exposing the facts on this scam on citizens!
ReplyDeleteTo the 2 anon posters above, Do either of you drive any of the side streets, or do you just stay on 6th, and 10th, the roads in this City are Deplorable, and I guess the water, and Sewer pipes, that are almost as old as the City are crumbling. Wake up and smell the Coffee.
ReplyDeleteAmerica is crumbling. We do need new roads, new pipes, sidewalks, lighting, fire hydrants but .... taxing the people for 35 years on 50 year old infrastructure?...putting the burden of the tax on basically a small portion of property owners...keeping all the property tied up on a tax for over three decades? Is that the best plan you could have come up with? I guess so as you say there is no Plan B.
ReplyDeleteThis whole crazy money grab is a road PURCHASE plan , NOT a road REPAIR plan !!!
ReplyDeleteI agree our roads are a mess. We have $20 million ready to go, use that for phase 1. Do not ask the 30% of this city that pays taxes to pay more (an unknown and uncapped amount, regardless of homestead).
ReplyDeleteWork with what we already have and come back in a few years, hopefully more of the city properties will be paying taxes (which assumes the property values will rise, which the city assumes is the case now, but no one knows) and then ask us then. At that point the City will be able to show how well it managed this first phase of the project, how much was done for the dollars, etc.
@1:50--We asked them to do that. No one listened. In fact, a few on the dais ridiculed Peter Timm for even suggesting it. One feisty woman who sits in the front row at commission meetings did the same. Then we had a Zack attack. They're going to do what they want to do. The election will decide and if they should lose this August, (money wise, the odds are in their favor to win) they can come back in one year's time and do it all over again.
ReplyDelete