| retired,
When the County's 1/2% sales tax is repealed, the inter-local agreement will automatically be dissolved! Period!
The sales tax money sitting in the bank (right now approx. 14 million) will be divided between the city and the county, according to how much each brought in. After the county pays all their outstanding debts (bonds issued) for wnd projects, the county will have approx. 5 million dollars automatically transferred into their general budget. The city and the county would have to strike a deal as to who would take ownership of DCRP and Legends Ball complex.
The city would continue the wnd tax and the revenue generated (1.7 Million a year) would pay for our current wnd projects. The city would not have enough sales tax from wnd to build a 34 million dollar sec. The sec would have to be scaled back. Remember, the Judge said build it, but he did not say by whom, how much or how large. And the Judge said build it, while the city and county still had an inter-local agreement.
Some promoters of the sec say that the city would have to release the county from the agreement, however that happened when the county repealed their tax. The city has no authority to release the county since it automatically already happened.
The city will and already has hinted that if the county's tax is repealed that they would increase property tax to make up the difference. THAT IS A NEGITIVE SCARE TACTIC! It would never happen! The city would have to increse our budget by over 2.3 million dollars a year. It will not happen!
Our city commissioners are tax and spend happy, but they are smart enough to realize the ramifications if that were to happen. And it won't happen, Plain and simple!  |