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SSSUM 2002 06 11 <br /> <br /> <br />Discussion/Direction – November Ballot Question <br />Bill Simmons presented options for TABOR ballot issues for November for the new library, in <br />addition to the Recreation/Senior Center and a new outdoor pool. The estimated cost for all projects <br />is: <br /> Library $7,020,000 <br /> Land for Library $750,000 - $1,200,000 <br /> Recreation/Senior Center $11,400,000 <br /> Outdoor Pool $2,900,000 <br /> Maximum Total $22,520,000 <br /> <br />The following amenities have been removed from the Recreation Center project: multipurpose youth <br />classroom ($300,000), second floor youth activity room ($300,000), and a racquetball court. <br />Additional costs for the outdoor pool may include providing an eight-lane pool versus a six-lane pool <br />and a soft cover ($800,000). <br /> <br />Sam Light, City Attorney, explained the TABOR restrictions on ballot questions. There are four <br />ballot question options: <br /> <br /> <br />A.Two questions. One combined debt/tax question to authorize limited general fund debt for all <br />projects, and one question to authorize a set sales tax increase or set property tax increase for <br />operation and maintenance. <br /> <br />B.Two questions. One combined debt/tax question to authorize limited general fund debt with <br />an unlimited mill levy pledge, and one question to authorize a set sales tax increase or set <br />property tax increase for operation and maintenance. <br /> <br />C.Two questions. One to authorize incurring debt for all projects, and one to authorize sales & <br />property tax increases for operation and maintenance. If one question does not pass, the <br />other cannot pass. <br /> <br />D.Three or four questions. One combined debt/tax to authorize debt for a library as well as <br />sales tax & property tax increases for repayment with either limited general fund or unlimited <br />mill levy pledge, one combined debt/tax question to authorize debt for a recreation <br />center/outdoor pool as well as sales tax & property tax increases for repayment with either <br />limited general fund or unlimited mill levy pledge, one or two tax questions to authorize sales <br />or property tax increase for operation and maintenance for all projects. <br /> <br />Council selected option C as the most appropriate ballot question option. <br /> <br />Jim Manire, James Capital Investors, presented three financing options for Council review. A <br />twenty-year bond would result in an annual tax increase of $119.63 for a $250,000 home, a twenty- <br />five year bond would result in a $105.10 annual tax increase, and a thirty-year bond would result in <br /> <br /> 4 <br /> <br />