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Controller outlines plan to issue park and redevelopment bonds without raising property tax rate
Summary
City Controller Robert Gunter presented two bond schedules for parks and redevelopment at the Sept. 9 council meeting, saying rising assessed values create a window to issue debt without increasing the property tax rate; no bond issuance decision was made.
City Controller Robert Gunter presented two bond schedules at the Evansville Common Council meeting on Sept. 9 that would fund park renovations and redevelopment projects while keeping the property tax rate level.
Gunter said increased assessed valuations create a window in which the city can issue bonds "without increasing the property tax," and distributed schedules for a park bond and a redevelopment bond. He listed candidate projects including routine park renovations, the new fire station, and zoo improvements such as a giraffe barn in the Africa exhibit.
Gunter introduced Dennis Ottman of bond counsel (Bose, McKinney & Evans), Landon Boehm (underwriter, Baird) and Jennifer Hudson (financial adviser, LWG CPA & Advisors) and asked council members to submit questions to staff so answers could be provided before future meetings. "We're not making a decision tonight," Gunter said; the schedules were provided for transparency and to allow council review before any bond sale.
Council members asked how the issuance would affect long-term tax levies. A council member asked what guarantees the city had that tax levels would remain stable as bonds are repaid; Gunter explained that issued bonds become a debt levy and described the repayment structure, noting questions about long-term impact require further analysis.
No action was taken on bond issuance at the Sept. 9 meeting; staff asked council to forward questions to the controller's office ahead of future discussions.
