local share capital construction financing 0.5 % city sales tax local share operating financing...
TRANSCRIPT
Local Share Capital Construction Financing• 0.5 % City Sales Tax
Local Share Operating Financing• Facility User Fees.• 1.5 % City “Hospitality” Sales Tax
(Hotel lodging, Prepared Food and Beverage).
• $20 excise tax on vehicles at dealerships.• Only in addition to existing taxes (ex: clothing, groceries, etc. not
taxable).
Sources of Funding
Local Sales Taxes Subject to City Voter Approval
MERIT Location
2
MERIT Capital Project Financing
3
Cost Description Cost in dollars ($)
Total 7,000,000
Funding Source Funding Amount ($)
State of MN Bonding (2010) 1,000,000
State of MN – DEED Grant/Bonding 2,500,000
Local Share 3,500,000
Total 7,000,000
SMSU Partner Facilities
Highway Pedestrian Underpass
Proposed Performance Softball
& Youth Baseball
Proposed Sports Center
Hw
y 23
Hwy 19
Amateur Sports Facilities
N
4
Marshall High School Partner
Facilities
Proposed Performance
Soccer & Multi-Sport Fields
Funding Source Funding Amount ($)
State of MN – DEED Grant/Bonding 4,000,000
Private Donations 1,500,000
Local Share 7,440,000
Total 12,940,000
Cost Description Cost in dollars ($)
Total 12,940,000
Amateur Sports Capital Project Financing
6
A.Meet State Legislative Requirements.B.Meet Future Bonding Requirements.C.Simple and Clear.
Ballot Language Objectives
• Sets ballot title and language only.• Action is not an endorsement.• Future Council action on projects will be
required.
Council Approval This Evening
7