SOC supporter plays What if game
August 28, 2006
Email received – everything in () is from the email author:
Dear Sir :
Regarding the current proposal for the Fetterman Maritime Museum and Community Park , it has been recently reported that “Only the taxes from the property owners now living within the current CRA zone will be used to finance that $70 million park.”
But what if ?
After the election, our downtown leaders decide to shift the CRA zone to the west from its present boundary (the area below Cervantes from A St. to 17th Ave) to Pace Blvd (or even to W St. as once reported).
If that happens, will the property owners in this new CRA zone then be responsible for paying off the $70 million debt –money which could be spent on something better, perhaps —for the proposed waterfront stadium and park in 30 years?
Instead of those now living in the present zone ?
If the voters of Pensacola –especially those living on the west side of town where most of the blighted areas exist (such as the Cervantes St. Corridor just east of Pace Blvd) — had the answer to that question , perhaps we property owners now living outside “the zone” would better know how to vote on the upcoming Referendum (and election) on September 5th.
Personally, I presently plan to vote “No.”
(As I think the current concept (and design) for this park could be greatly improved on a third proposal (perhaps with more citizen input). )
Ralph C. Peterson
A long time resident (and taxpayer) of Pensacola.
1) The debt is $42 million – not $70 million. Like Mr. Fairchild and Mr. Donovan, you want to include the interest as part of the debt. The interest is a cost of the borrowing – just as it is for your home or car. If the bonds are paid off early, the interest paid will be less than $30 million.
2) The projected CRA revenues generated by the current district are more than adequate to make the annual payments on the bonds. Once a CRA district’s boundaries are set, it’s very difficult to change …it’s nearly impossible. So your “what if” will never happen.