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02-Mar-2009 | Commissioners ordered the May 9 election after hearing from community leaders who thronged the commissioner's courtroom. The facility would serve county residents for decades and offer a "wide range of uses " said Paul Pinkert, a member of the Multi-purpose Committee.
"The list of anticipated uses include banquet and reception accommodations for up to 800 people, youth rallies, concerts, car shows, livestock shows, rodeo or other equine events, dog shows and much more,' Pinkert said. He noted that four years ago, commissioners appointed a committee to explore the replacement of the current aging stock show barn and Women's building, that were built more than 50 years ago.
The facility could have an average annual impact of $4 million on th local economy, and as much as $48 million over 25 years, according to a feasibility study by RDA Global. Paying for its construction could add about a nickel per $100 valuation to the county's property tax rate over the 10-Year bond repayment period.
"What this means is that property owners with $50,000 of property will pay about $25.50 per year," Pinkert said, "and property owners with $100,000 will pay $51 per year at our current values."
I assume everyone here is in support of this,"asked County Judge Larry Sprowls. "We as commissioners appreciate that all of you have taken your time and research into this." A moment later, a motion by Commissioner Larry Carter to order the election passed 4-0. Sprowls asked how much the county's current property tax rate is. He was told that it is 23.95 cents per $100 valuation.
If the issue passes, the county would probably have to pay some operation cost associated with the facility. That could push the cost of the issue to about 30 cents per $100, he said. The goal would be to reach a point where the facility operates and maintains itself on its own, Sprowls said. "That's what we're shooting for," he said. "I think there's been a lot of interest in it. I appreciate the work you've done."
If voters approve the measure, it will be the first bonded indebtedness for the county since a hospital bond issue was paid off more than three years ago. Banker Scott Wade said interest rates are low enough now that the rate charged for the issue could be in the range of 3 /12- 4 percent. "I don't think you could expect it to get better than that," Wade said. The county's financial rating is such that there wouldn't be any problem in obtaining financing, he said.
See video news story by Fox 34 in Lubbock:
Hockley County Voters Consider New Multi-Purpose Center |
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