June 12th WRA Meeting

Auditor's Report Concerning The Delayed Development By Madison, We Look Forward To Reading It



Last year the Auditor wrote a great report dated June 3, 2019.

QUICK REFRESHER


Original Proforma:  January 1, 2021:


  • City would issue $70,000,000 million of Series A Bonds in November of 2018
  • Madison would have several properties occupied by January 1, 2021
  • City would be begin paying $2,800,000 on the $70,000,000 of Series A Bonds for Fiscal Year Ending June of 2022.
  • Projected to have $2,800,000 of revenues from Madison  to cover the payment
  • Another $900,0000 revenue from event parking, city share of advertising, personal property and meals taxes
  • Overall the proforma showed a surplus of $741,000 after operating expenses and 5% contingency

Instead we did not issue the $70,000,000 of Series A Bonds in 2018, but switched to "a series of sort-term notes".     In other words, instead or amortizing the debt, we are just paying interest on short-term notes.   

"This change in debt strategy with respect to Series A bonds will provide the city with the flexibility when the first bond payment is due, likely extending it one year to fiscal 2023."


In essence we were able to delay everything one year!  We are now looking at  making bond payments on the $70,000,000 of Series A Bonds is in the  Fiscal Year Ending June of 2023.     

The key date is now January 1, 2022.       
Not January 1, 2021 as was listed in the Proforma....




NEXT REPORT


What if these properties from Madison that are suppose to pay $2,800,000 per year in taxes are not occupied by January 1, 2022??  

Look forward to reading this.    

Will we look to put off issuing the $70,000,000 of Series A Bonds another year????     







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