Bond and levy information
October 2, 2008 · Updated 4:25 PM
* If both bond and levy measure pass, the city and residents will go through a design process that will include public involvement. Construction could begin next fall. A fully operational community center could open as early as fall 2008.
* To build the community center, both the bond and levy measure must be approved.
* The construction bond cost is 26 cents per $1,000 of assessed value. The M&O levy cost is 23 cents per $1,000 of assessed value. The total for both is 49 cents per $1,000 of assessed value.
* The tax estimates are based on a 10 percent assessed value growth rate over the next seven years followed by 3 percent growth. The past six years have seen assessed value in Snoqualmie grow an average of about 20 percent each year. City finance officer Harry Oestreich said the estimate was a conservative model that takes into account the city's expected build-out date in about six years and was more accurate than other estimates.
* The city has an approximate total of $4,337,645 either set aside or earmarked for the construction of a community center. These funds include current and future developer mitigation, real estate excise tax revenue and interest income. The total facility cost is $12.7 million.
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