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Take a close look at this..
Fiscal 2021 Polar Park cost the taxpayers $1,460,000 in capital interest(money we loaned to pay the bond) and $249,000 when the district only raised $391,000, versus $640,000. In total Polar park cost the taxpayers $1,709,000 in Fiscal 2021!!!
Fiscal 2021 Polar park will cost the taxpayers another $1,900,000 in capital interest and now the DIF has to generate $2,000,000 not $640,000 to make the bond payment. Next year Polar Park will cost the taxpayers in excess of $3,000,000.
Fiscal 2022 Polar park will cost the taxpayers another $1,900,000 in capital interest and now the DID has to generate $2,700,000 to make the bond payment. We could pushing a cost of $4,000,000 to the taxpayers.
The key here is "amount generated from ballpark taxing district". Right now we are only at $391,000.
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Comments
In fact, the city took part of that property from the owners a I’d the owners are the only ones whose project actually is underway, with ZERO tax relief.