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6/5/84 Page -8- <br />It: was Mr. Caldwell's suggestion that <br />tYie General Improvement District should <br />bE: used later on when more redevelopment <br />i;> coming along. <br />Impact on Downtown Properties The next chart shown showed what the average <br />cost would be to a typical lot in the pro- <br />jE~ct area of the Special Improvement District. <br />The chart showed the Municipal Parking as <br />e~tempt but Mr. Caldwell stated that there <br />wE:re legal considerations that have not been <br />worked out; consequently it was likely that <br />the Municipal Parking lot would have to be <br />ir.~cluded as part of the Special Improvement <br />District. He also stated that once the <br />assessments are made, unlike the property <br />owners, the City cannot pay for its por- <br />tion over a period of time. It has to <br />pa.y in cash. So the total assessment for <br />th.e City property could be in the nature <br />of $40,000 - $50,000. <br />Impact of New Sales Tax If an election was held on a sales tax <br />,evenues increase in February it would not be effec- <br />tive until July 1, 1985. This half year <br />with the 15 sales tax increase would pro- <br />duce approximately $200,000. In 1985 this <br />entire amount would go to any capital im- <br />provement the city wanted it to pay for. <br />If the Special Improvement District is <br />successful, the City may choose to use a por- <br />tion of the $200,000 to pay their assessment. <br />Mr. Caldwell explained each linear figure <br />of the chart, which was also contained in <br />the booklet councilmembers had received. <br />Mr. Caldwell commented some people might say <br />why don't you vote in another 2~. He had <br />witnessed some of the communities that did <br />this and they had trouble administering it. <br />Councilman Leary Ir.~ reply to Councilman Leary's questions <br />Mr. Caldwell stated that Phase I construction <br />would be May, 1985 and the merchants con- <br />tribution would be earmarked for parking. <br />Councilman Leary asked what the $200,000 <br />requested from the City would be for. Mr. <br />Rogers of the 1st National Bank stated for <br />storm sewers, curb and gutter, etc. - general <br />improvements for the downtown area. <br />