The city has put together an economic development plan that ensures we can build and operate a community center without an increase in income or property taxes.
How did they do this?
- The city hired PROS Consulting, one of the top city development firms in the country, who presented a recommendations report
- The Tax Increment Fundraising (TIF) removes the need for the city to purchase new land, saving the city $17 million dollars
- The city has a five-year stress test, meaning they can show there would be enough typical city revenue to keep the community center operating in case of five years of adverse conditions. Most developments only have a one-year stress test.
- The $54 million proposed budget to build the community center will come from the TIF financing, city funds, and private donations.
Membership fees will not only cover operating costs, but by renting out the top floors of office space to businesses we will also generate revenue for the city.