The City Council has placed a proposition on the 2024 Ballot for approval of a $10.1 Million Bond to construct a new swimming pool. They have provided the information they feel you should know to decide. A group of residents provided additional information that some found confusing and gave the impression that the cost of the pool would only be for no more than three years. Assuming that a $10.1 million bond is sold for a 25-year payout at 5% interest, the amortization schedule shows the actual cost of the pool when fully paid off. Also, keep in mind that these numbers do not include the cost of maintenance or operational expenses including staffing. We must remember the pool is only open for the summer months.
The annual payment on this bond will be $708,523.13 for 25 years and the total cost will be $17,713,078.26 which includes $7,613,078.26 in interest. Do not let them tell you the cost will go away any time during the 25 years or that your property tax will only be based on your current property values. The $708,523.13 will be calculated into the tax rate for the next 25 years and applied to whatever your property value is in each of those 25 years.
Drew Wasson has implied that the swimming pool bonds are expected to be at 4.5% and not 5% like the other recent bonds, so there is another chart at 4.5% below. The numbers change, but it is unknown what the market will be when the debt is incurred based on the current rates and the additional debt the city is taking on with the same tax base.