Our city council met back on March 17, 2015 in their special form as the Downtown Development Corporation.
We have written before about them not posting their minutes. Don’t look.
In this most recent meeting they got to look at the 2015 financial projections.
You might recall being told that the ball park would not cost us any money at all. Revenues would pay for it we were told before we voted to increase Hotel Occupancy Taxes.
Then as things started to crystalize we were told that we would have to subsidize the ball park with general fund revenues up through 2018. The only people that can argue with a straight face that those funds are not property tax funds (which they are not allowed to use for this project) are our city officials.
In the March report we now are being told that the subsidies will have to continue until 2023.
The report also shows the cost of the ball park (before financing) at $76,020,750.
How can that be when on June 18, 2013 council made a big show of telling us that our cost would be $64,000,000 and not a penny more? Well, the team coughed up another $12,020,750. That brings us to the $76 million number.
What they don’t talk about is that they actually got $65,073,891 from the sale of the bonds instead of $64,000,000. Then also took $1,857,868 from previous Hotel Occupancy Tax collections making a total of $2,931,759 more than the promised $64 million. They used that money to pay for public art and bond issue costs. Both projects were directly related to the ball park but needed to be removed to maintain their story that we were only spending $64 million.
We deserve better