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Outrage: $9.9 million PTC bond vote to benefit 1 manTue, 09/30/2008 - 3:22pm
By: Letters to the ...
As a resident of Peachtree City, I am outraged that the mayor and City Council would support the use of city property and raise taxes to pay for the construction of a facility that would benefit a local business man. The additional taxes and all the risk of failure will fall on the shoulders of Peachtree City taxpayers. This is not a time for speculation, but a time to conserve. The referendum on this year’s ballot with the wording, “Shall $9,950,000 in aggregate principal amount of Peachtree City General Obligation Recreational Facilities Bonds be issued,” is for the construction of Phase 1 of a multiphase project. When all phases have been completed the project will consist of two ice rinks with spectator seating and a fitness center. The nearly $10 million will be used only for the construction of the Phase 1 building and the City Council has agreed to donate 22 acres of city property for the project which will be located on Ga. Highway 74 South. If the referendum, approved by the mayor and all members of the council, passes, the impact to the city budget and taxpayers will be tremendous. Below are estimates presented by the city manager. Additional budget operating cost • Total operating cost of Phase 1 — $733,452 • Interest paid on $10 million bond — $798,414 The total additional cost to our budget will be a staggering $1,531,866. This does not include the additional line item that will be added to our property taxes needed to pay back the bond. Property tax increase is estimated at $100 per average house per year. Why are the mayor and council supporting such a project? At the City Council meeting on July 17, 2008, Dar Thompson and a room full of supporters spoke about how great this would be for Peachtree City residents. Dar’s deal is to operate the facility and pay the city rent at $436,200 annually. This amount does not even come to a third of the estimated expenses. So there you have it. Taxpayers donate the land, pay for the building, and pay for two-thirds of the operating costs and Dar Thompson collects the profits. What a deal! Please vote No for No Deal. Richard Spain Peachtree City, Ga. login to post comments |