Now that there is a PAC out there trying to tell us why we need this Naranja Park, we thought it would be appropriate to tell our readers what they may not know.
The town is being less than straight forward when they talk about a Bond Issue in the amount of $48,600,000.
Well, guess what?
There will be another factor. You see, when the town borrows the money, they will have to pay interest. How much will the interest be?
Well, over the 25 years of the loan, the town sees fit to use a 5% interest rate even though the interest can be as much as 12% annually.
Even at 5%, the total amount we will be obligated to pay is not $48,600,000 but a whopping $85,868,750.
And that "aint" all. The town tells us the annual Maintenance & Operating costs are anticipated to be well in excess of $1 million per year.
Keep in mind, Operating costs will likely result in a Primary Property Tax and/or a reduction in basic services such as road repair and resurfacing, police protection, library services, etc.
Remember that Primary Property taxes, once enacted, can be raised year after year without voter approval.
There are still more reasons for voting "NO," and we'll address them in a future posting.
