Skip to main content
#
The Trentini Team
my account
site map
contact
cart
our twitterour facebook page
Evansville  Real Estate - Homes For Sale | Indiana Realtors - Agents
Search Evansville & Newburgh, Indiana Properties
Featured Listings
Evansville Real Estate - Homes for Sale | Indiana REALTOR®
Newburgh Real Estate - Homes for Sale | Indiana REALTOR®
Relocating to Southwest Indiana?
Buying and Selling Southwest Indiana Homes
About The Trentini Team - F.C. Tucker Emge REALTORS® - Southwest Indiana REALTOR®

Real Estate Blog
Latest Posts
Categories

 Real Estate Blog 
Sunday, May 03 2009
Evansville Mayor Jonathan Weinzapfel is applauding state legislators' passage of a food and beverage tax in Vanderburgh County. He calls the measure a major step toward building a downtown arena without raising property taxes. The food and beverage tax, along with downtown TIF and gaming receipts, will be the main sources to fund the up to $127 million project.
 
 
Mayor Jonathan Weinzapfel today is commending state legislators for the passage of House Bill 1514, which includes changes to the Food and Beverage Tax in Vanderburgh County.
 
"This is a major step forward in our plan to build a new downtown arena. We will be able to use the existing local Food and Beverage Tax to help fund a new downtown arena without raising property taxes," said Mayor Jonathan Weinzapfel.
 
The Food and Beverage tax, along with the downtown TIF and gaming receipts, will be the main sources to fund a new downtown arena. Initially the City would be able to utilize food and beverage revenues, over what is necessary for principal and interest payments on the Centre, to pay for the arena. Currently, the Food and Beverage Tax generates $3.7 million per year in revenue. Approximately $3.3 million is committed annually through 2017 to pay off The Centre bonds. The City would begin to capture the entire amount in 2017.
 
"With these three sources of revenue we can finance a new downtown arena without raising property taxes. In the alternative, if we were to build at Roberts, we would have increase property taxes by about $60 million," said Mayor Jonathan Weinzapfel.
 
The arena financing plan calls for 75% of project costs (about $91 million) to be funded by proceeds from long-term debt in the form of a series of bonds to be issued in late 2009. Payments on the bonds would begin in 2012
 
The remaining 25% ($31 million) will be covered by cash on hand or collected during the three years prior to initiation of debt service payments. The financing plan also includes coverage on the debt service of approximately 150%, which will vary slightly from year to year. This means that for every dollar of debt, we will have roughly $1.50 in revenue to cover that debt.
 
No growth in the downtown TIF was taken into account when estimating future revenues, even though it will certainly increase in assessed value. Also not taken into account were any possible secondary methods of financing including naming rights, suite sales, the sale of Roberts Stadium or the property on which it sits, the innkeepers’ tax or an auto rental tax.
 
Source: City of Evansville & Inside INdiana Business
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Comments:

Post comment
Name
 *
Email Address

Message
(max 750 characters)
*
* Required Fields
Note: All comments are subject to approval. Your comment will not appear until it has been approved.

The Trentini Team
F.C. Tucker EMGE REALTORS®
7820 Eagle Crest Bvd., Suite 200
Evansville, IN 47715
Office: (812) 479-0801
Cell: (812) 499-9234
Email: Rolando@RolandoTrentini.com


Accredited Buyer Representative

Equal Housing Opportunity

Multiple Listing Service?

REALTOR®

 

Pro Step Marketing

PRIVACY POLICY
The Trentini Team is the sole owner of the information collected on this site. Neither The Trentini Team nor the team associates will sell, share, or rent this confidential information to others. Your privacy is the primary issue for The Trentini Team. 

CONTACT POLICY
By submitting personal information such as name, address, phone number, email address and/or additional data, the real estate client/prospect consents that The Trentini Team or their authorized representative may contact client/prospect by phone, U.S. Postal System, or e-mail whether or not client/prospect is participating in a state, federal or other "do not contact" program of any type.
 
 
Copyright© 2007 The Trentini Team, REALTOR®, All Rights Reserved.