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City explains how the two bonds would be paid and who would carry the cost
Summary
City staff told attendees the Stevens Branch housing bond debt would be paid from TIF increment funds and not raise property taxes, while the public works garage debt would be split across streets (about 58% covered by property taxes) and water and sewer departments (about 21% each).
City staff explained the different funding mechanisms for the two ballot articles and what, if anything, residents might see on their bills.
Carol said the housing project’s debt service would be covered by incremental taxes generated inside the TIF district and would not increase general property-tax bills: "You won't see any increase in your property taxes for for the housing project." She noted the TIF district is mature and already holds increment funds that have been used for prior parking improvements.
On the public works garage, Carol said the debt service will be allocated among three users—streets (about 58%), water (about 21%), and sewer (about 21%)—and that the portions for water and sewer will be calculated into usage fees paid by customers. Nicholas added the city used capital funds, ARPA and Water Fund borrowing to buy the Morrison Road site and that, if the city sells the old Burnham Street site after moving, proceeds would be used to repay internal Water Fund loans first.
Officials emphasized these are planned funding approaches and that final tax or fee impacts depend on bond approval and subsequent budgeting; voters will decide on Nov. 4.
