city council workshop tuesday, july 30 th 2013. current general fund budget rent expense$240,000...
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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