ATLANTIC CITY COUNCIL TO DECIDE ON MULI-MILLION DOLLAR CAPITAL IMPROVEMENT BOND
(Atlantic) A public hearing on a proposed general obligation bond headlines the Atlantic City Council meeting Wednesday night.
Following the public hearing, the City Council will take action on the proposed issuance of general obligation bonds in an amount not exceed $3,100,000 to finance the City’s fiscal year 2011 capital improvement program. The projects include; street reconstruction and repairs, overlay streets at Sunnyside Park, resurface tennis courts, renovate restrooms at Sunnyside Park, replace sidewalks and shrubs in City Park, and make improvements to the Bull Creek Pathway. The project also includes improvements to City Hall, the Street Garage, Senior Center, and the $25,000 donation to Iowa Western Community College for the new technology project.
Atlantic City Administrator Doug Harris says, if this passes, the debt service levy next year will increase .77-cents, which accounts for over 90-percent of the total projected tax rate increase of .85-cents. Harris says, tax increases are unwelcomed at anytime, but the Council is being proactive in its efforts to maintain the City’s streets and parks in a manner that will help minimize future costs. Harris adds, that even with the tax increase to fund these needed improvements to the neglected infrastructure, next years tax rate will still be $1.33 or 7.4-percent less in 2005.
Harris says, revenue from the Hotel/Motel Tax and some local option sales tax revenues will help minimize the impact that the debt service on these bonds will have on property tax rates.