Posted on June 27, 2012 00:00
||The city is in the process of preparing materials for the July 10 City Council meeting that includes a draft resolution to prepare for a possible bond referendum. Two important clarifications:
1. City Council has NOT yet made a decision about whether to continue consideration of this issue – this resolution is still a draft being worked on and will only be needed if Council decides to move forward. That decision will likely be made sometime in July.
However, because the deadline to get something on the November general election ballot is August 1, the city must proceed with getting legal/financial requirements in place even though most specifics have not yet been worked out, including:
Whether to conduct negotiations with Mandalay and other potential partners;
Where a stadium would be located and what the purchase price would be;
Finalized cost estimates for construction of a stadium.
If Council does decide to move forward, the referendum amount could be less than $42 million, but that was the highest dollar amount sited in the feasibility study and therefore identified as the maximum amount that could be on the ballot. The amount could be lower depending on what would be included if a deal is finalized and lower cost options are being developed that will also be included for consideration at the July 10 meeting.
According to state law, general obligation bonds must be approved by voters and must notify voters in advance of the referendum, which is why this issue could appear on the November ballot if Council decides to move forward.
2. In addition, the 3.5 cents property tax increase cited in the draft resolution to pay for the bonds has also not been determined or approved – this maximum amount was used as a placeholder until details can be worked out, if Council decides to move forward.