Proposed Bond Ordinances Workshop
New bond ordinances are being planned to fund major school improvements and infrastructure projects, impacting the town's long-term debt and spending strategy.
- The School Plan: A $30M proposal for roofs, AC, and security. While the state will reimburse about 67%, the city is still on the hook for roughly $10M in debt. Council is demanding specific quotes and a phased plan to avoid sudden tax hikes.
- The Parking Plan: A $38M proposal for a 165-space garage at the Arcade site. Officials noted this site is much costlier due to engineering hurdles compared to other options. This is separate from the $11M Lily North project funded by existing bonds.
- The Bottom Line: Council members warned that 'authorizing' isn't the same as 'spending,' but they stressed the need for a strategic plan to prevent a massive spike in debt service. A final vote on these referendums is scheduled for August 20.