City Hall Financial Evaluation City Council Workshop Tuesday, July 30 th 2013
City Council Workshop Tuesday, July 30 th 2013. Current General Fund Budget Rent Expense$240,000 Interest Revenue$280,000 (CRA Loan) Rent Expense$240,000.
Dec 27, 2015
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City Hall Financial Evaluation
City Council WorkshopTuesday, July 30th 2013
Current General Fund Budget
Rent Expense $240,000
Interest Revenue $280,000 (CRA Loan)
Potential Construction Funds
Town Center District Property Taxes$5.8 Million +
Assigned Building Permit Fee Surplus$1 Million
Hypothetical City Hall Lease Purchase
Principal: $6.8 Million
Term: 20 Years
Annual Payment Amount: $500k-800k
Additional Amount Funded Annually by Taxpayers:$260k-$560k
Criteria for Construction in Lieu of Rent
No tax increases to fund construction Construction will be funded by:
Town Center District taxes Building permit fee surplus
Rent payment and interest income is eliminated from general fund
Questions?
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