Quote:
Originally Posted by NME22
For the life of me I can't figure out why people don't understand that if public places are closing for lack of funds, then you must generate funds to fix the problem. Public schools and public pools are takers, not money generators. So the city must find ways to generate extra income that can then be used to keep these places open or pay for more firefighters and all those causes. Not having an arena does not mean more public pools will stay open. On the other hand, investing in a project that can generate extra revenue for the city can make it possible for public places to stay open.
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Have you run the numbers as to how much the city is putting into this deal
to raise additional taxes and revenue? After the $258 million bond loan is
paid off in 35 year it will actually cost $574 million with intrest. In addition,
the city is going to give the investment team several city-owned properties,
six sites for placement for digital billboards and numerous tax exemptions costing
the city an additional $126 million. The total cost to the city is now roughly $700 million.
So if you look at the big picture, the city would now have to take in an
additional $20 million a year in taxes for the next 35 years in addition to what is
normally received to break even on this $700 million investment. And to
really pile on, if the revenue from parking and the hotel tax comes up short
the city would be forced to dip into the general fund; funds would be
diverted from other priorities and opportunities the city currently supports.
Oh, and did you see this?
Sac city manager predicts deficits 'as far as the eye can see'
Budget proposal includes $9M shortfall
Read more:
http://www.kcra.com/news/local-news/...#ixzz2S4r5IlQK