Wednesday, February 19, 2014
The make-up of the city council in Nampa has taken a complete reversal of how they want to fund capital projects in Nampa. It is a far more conservative board with Councilman Paul Raymond stating his thoughts on revenue bonds v. general obligation bonds:
" You borrow money and take it out of the tax base, removing the tax base from the city to the urban renewal agency and selling bonds, Raymond said, To me it is a debt. And that separates the public taxpayers from the urban renewal agency."
All the existing projects currently in the works will remain unchanged and will still be debts paid for with URA funds. All of this is a huge step in the right direction and is the second time Urban Renewal has left a sour taste in the collective palate of Nampa property taxpayers. Various estimates of outstanding debt to be repaid have put the total repayment at nearly $100 million with debts still outstanding on the Idaho Center and the latest additions are for the Police Building and the new Library.
All of these debts were incurred by Nampa Urban Renewal agencies.
Posted by Paul Alldredge at 12:30 PM