Music Center and Aquatic Center financing projection

Download: Music Center and Aquatic Center financing projection

By:
Tom_McMasters
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24th September 2013

The attached file is a scan of papers the city provided as the response to my Freedom of Information Act request.  In that request I asked for two items:

1.  The audit/report done by the Montgomery County TID in 2011 that showed the city would be able to finance the Aquatic Center using TIF funds. 

2.  The report done by city staff that showed the city would be able to finance the new Music Center using TIF funds.


On Monday Sept 23rd council used th…

Corretion to $12.5 million principle in finance discussion above

Turns out the pre-meeting write-up I had posted on the web site gave better insight into the financing portion of the issue.   

When I constructed the revision it was not my intention for the $12.5 million recreational complex number I cited to include money borrowed because of the Music Center.  The city officially refers to the combination of the Aquatic Center and Eichelberger Amphitheater as the Recreational Complex.  On April 22, 2013 the city passed "An Ordinance Providing For The Issuance And Sale Of Notes In The Maximum Principal Amount Of $4,500,000, In Anticipation Of The Issuance Of Bonds, For The Purpose Of Paying The Costs Of Improving The City's Municipal Recreation Facilities".  They also passed "An Ordinance Providing For The Issuance And Sale Of Notes In The Maximum Principal Amount Of $8,020,000, In Anticipation Of The Issuance Of Bonds, For The Purpose Of Paying The Costs Of Improving The City's Municipal Recreation Facilities".
In the second piece of legislation it was obvious this was for the construction of the Aquatic Center because the agenda item description continues with "By Constructing, Equipping And Furnishing A Multi-Purpose Municipal Recreation Complex To Include Among Other Things An Aquatic Center, Athletic Playing Fields, Outdoor Amphitheater, Recreational Trails, Picnic Shelters, Playgrounds, Dog Park, And Related Facilities, Including The Acquisition Of Real Property And Interests Therein And Improving The Site Therefor, Together With All Driveways, Roads, Parking Facilities, And Other Necessary Appurtenances Thereto, And Declaring An Emergency".  

In the first piece of legislation I mistook the "By Constructing, Equipping And Furnishing A Multi-Purpose Facility, Including Among Other Amenities, Concession Facilities, Restrooms, Parking Facilities, Landscaping And Related Driveways And Roads, And Acquiring Real Estate And Interests Therein, Together With All Necessary And Related Appurtenances Thereto, And Declaring An Emergency" as work that was done for the Amphitheater.  Turns out the first legislation was written to cover expenses for the Music Center.

Therefore, refering to $12.5 million for Recreation was technically correct,  it wasn't my intention to lump Music Center money in with Aquatic Center money.  Turns out my pre-meeting posting on the subject better characterized the amount of principle being borrowed and the re-write was unitentially less accurate.  I hate inaccuracies.  Unfortunately the lack of timely information provided as part of regular city meetings means these kinds of things aren't talked out in a timely manner which promotes the spread of misinformation.

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