The tax increase Bill

The Tax increase Bill is here!! You can view the Bill in its entirety if you look at the agenda for Wednesdays nights council meeting.  

Here is the amortization chart.

Sorry my previous post said $120million but I guess the Mayor upped it by $12million since last week.  And I calculated the interest rate much lower than 7.15%.  I guess better to be lower than higher, just like this proposal is probably going to cost more than $134million when they are done. We shall see.

So, Yes it says to borrow $134 million over 30 years at 7.15% interest rate. 

$218million in interest for a grand total of $352 million!!!

This will get you a new police station, not needed. A new health bureau not needed.  And a new fire station.  Mind you in this proposal the city plans to put a $400,000 new roof on central fire station only to build a new station?  Does anyone besides me realize this isnt monopoly money but real hardworking peoples tax money.

There is like 18million for a bunch of other things like some fixing of the pools, franklin park, and a bridge at canal park for $4,750,000? Dunno which bridge desperately needs that much in fixing but i dont know.  Then probably the most important money is the $770,000 for street paving maintenance. Since the streets suck. $770k should get a back alley done that no one uses. 

As stated before none of these buildings will bring any money into the city.  The city will have to cover between 9-14 million each year to cover this.  So I expected a 5-6% tax increase before.  Now im thinking 7-8%. 

Oddly the initial proposal for the police station was 34million and now they are only asking for 20million. I know they have 9million in ARPA money towards this.  So basically, they will break ground with the 9 million then say well we already started so we need money to finish if in fact this doesnt pass. Real clever Matt.  

I dont think council should pass this bill because quite frankly it is absurd to do all of this at once and do we need a new police and health bureau right now? But you will see which council members are bought and truly do not care about the city's well-being in the next 20-30 years by their vote. I wont give my opinion on who votes for this. 

Im sure Tuerk and Ms. Patel will spin this that it is fiscally sound idea. Once again monopoly at its finest. And its so necessary for the city to do this right now. And all the money wont be asked for all at once blah blah blah.  I still like my idea of renting space which is much cheaper. 

I just lay it out so you can play it out.