07-09-1997 PR MIN - SPECIAL - Laserfiche WebLink

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3~)bi$t:U$siohon 'Proposed Outdoor Parl<:dndRecreatiOri Referendum Bond ,,', . Pat Klaers, City Administrator, indicated Jim O'Meara was present to discuss financial issues related to the bond referendum. Lori Johnson noted issues to be discussed include finances, budget. and structuring the bond issue. Jim 0' Meara, of Briggs and Morgan, reviewed the bonding process. He indicated the bond issue would be limited to the dollar amount on ballot plus a maximum of 2% for costs associated with sale of the bonds. Chair Anderson provided a list of projects proposed to be covered by the referendum. He indicated the Park and Recreation Commission has considered separating out the pool. Chair Anderson indicated the proposed swimming pool was not included in the recently updated Comprehensive Park Plan and it appears the cost may be too high to include it in the referendum. Pat indicated Decision Resources suggested having a separate question on the ballot for a pool. Decision Resources felt if the first question fails, then the pool vote would not be considered. The first question would be the $2.1 million for trails, outdoor playground equipment. etc. and the second question would be for the pool only. Mr. O'Meara indicated he had no problem with two separate questions but had concerns with tying the two questions together. Pat indicated the Park & Recreation Commission needs to decide whether or not to include the pool question. . Lori indicated if net tax capacity changed, would there be more money available. If there is an increase in number of households, the average tax payer's share would go down. Lori Johnson indicated the original proposal was based on net tax capacity and a 15 year term. Dave questioned if it would be possible to try another referendum in the future. Lori stated it could be done. Lori explained that a $3 million bond issue spread over 15 years would exceed the target amount of $22 to $23 tax increase per average household per year. Pat Klaers indicated September 23rd has been targeted for the special election date. Jim O'Meara indicated the Council must call the special election and authorize the sample ballot. Pat indicated the Park & Recreation Commission plans to present the proposal to the Council on July 21 s , Jim indicated may need to combine whole amount. The community needs to The Commissioners and staff discussed the proposed park improvements and costs associated with the referendum. Lori Johnson will continue to refine the bond cost estimates and projected tax impacts. Discussion followed regarding whether or not to include a question on the ballot for a pool. The Commissioners were in agreement to go ahead with the park bond referendum, and to research the pool issue for a possible second referendum in the Spring of 1998. .