Don’t be Fooled!
This measure is about one thing only: mortgaging our city’s finances.
It has nothing to do with the level of parks funding. That is solely determined by the city council.
This measure will allow APR to commit seventeen years of Food and Beverage Tax revenues, potentially $50 million or more, as collateral for revenue bonds in order to finance their pet projects. That includes the swimming pool replacement at a cost that has ballooned to $10.5 million at current estimates. It is sure to cost more when and if construction finally begins.
What this means is that the vote of only THREE APRC commissioners, followed by the vote of only FOUR city councilors, can legally allow APRC to attempt to source revenue bonds to finance anything they wish without a confirming vote of the taxpayers. For example, a 15 year revenue bond at 5% interest for $10.5 million could easily wind up costing the taxpayers $15 million dollars.
A revenue bond is secured by future income, and that is why APRC is so desperate to find a “guaranteed revenue source”. That has been one of their primary goals, as stated in public documents, for years. This measure will allow APRC to commit future revenue to projects that they could not finance without this measure.
The alternative to a revenue bond is a general obligation bond. The difference is that the taxpayers must approve a general obligation bond, and it is paid for by additional taxes. The infamous city hall bond issue of 2020, which was resoundingly defeated, was for a general obligation bond.
Large capital improvement projects should always be approved by the people who will pay for them: YOU, the taxpayers. Do not allow APRC to circumvent the will of the taxpayers with this back door method of financing! This may be your only opportunity to stop this blatant money grab.
Vote NO for the financial health of our city!