Friday, November 2, 2001
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Friday, November 2, 2001 |
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PTC voters put in council's shoes to decide if big projects worthy of debt By JOHN
MUNFORD The fate of several big-ticket projects for Peachtree City will be in the hands of voters during Tuesday's general election. Voters will get to approve or vote down those projects collectively; but there is some sentiment that with the slow economy after the Sept. 11 terrorist attacks, now is not a good time for the city to go into debt. Others argue that now is the time to act since interest rates are so low. Bond project proponents also point out that if all the projects are approved, the tax bills on homes with a value of $200,000 would be $3 per month in 2003 and $4 per month from 2004 on. The money would be borrowed through a bond issue; the city has the capacity to borrow over $100 million currently because it has traditionally paid for other significant projects with cash through impact fees. In addition to several large improvement projects, voters will also be asked if the city can refinance $1.62 million in bonds owed by the city's Airport Authority, which would save approximately $120,000. The other projects, and their projected costs on annual tax bills for homes valued at $200,000, include: Acquisition of the Braelinn Baptist Church campus for use as a community center and the purchase of equipment and furniture. The facility has 30 classroom/office rooms and a multi-purpose auditorium that can seat up to 600 people ($2.885 million total cost); $20.24 a year. Expansion of the Kedron Fieldhouse recreation area with a multi-purpose gym, a multi-purpose room, restrooms, and more office and storage space ($1.735 million); $11.92 a year. Improvements to Drake Field, including a walking trail, a bridge connecting the area to Picnic Park, picnic areas and a central village lawn ($700,000); $3.92 a year. Construction of four playgrounds and two picnic shelters ($200,000); $1.12 a year. Refinancing of debt owed by the city's Airport Authority to save $120,000 in interest payments ($1.62 million); no cost to property owners the money is paid off with city hotel and motel taxes. Since the plans for the community center involve sharing the facility with Braelinn Baptist the first year, that facility would originally cost $20.20 in 2003 before increasing to $31.20 a year in subsequent years. If any of the projects are approved, the bonds would be paid off over a 25-year period of time. By doing so, the costs are spread out over future residents of Peachtree City instead of using lump sums of cash to burden current taxpayers only, according to city officials. The city's credit rating and tax base qualify it for up to $115 million in bond debt. These projects, however, would increase the city's bond debt by $7.14 million. The community center would be used to expand the classes offered by the recreation department. City officials also believe it is important for the facility to create revenue by renting out space for receptions, seminars and other events.
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