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Contracts are ready to sign that would
bring a Goody's and a Dollar Tree to occupy the building that last
housed Staples and Stage stores.
Details of the projected sales tax
income and how those figures tally were examined a bit more closely.
Diversified has suggested that the city could establish the area as
a "business district" and then issue bonds. The city would then
repay those bonds with a portion of the sales taxes. The city would
choose the percentage for the sales tax rate to pay off those bonds.
Depending on the rate, the bonds could be paid off in anywhere from
10 to 20 years, with 10 years recommended. Details of those terms
have been and will continue to be under close inspection by City
Attorney Bill Bates as he interprets and advises the council on the
matter.
Bates said that he has been on the
phone with the developer's lawyer, James Grice, sorting those terms
out.
City Treasurer Les Plotner has also
been working the suggested figures in order to help guide the
council through the financial issues.
Details of
Tuesday night's discussion will be posted in LDN tomorrow.
[Jan
Youngquist] |
