Our intention is that the facility will be an additional benefit for residents and an economic stimulator for the business community through contracted rentals, events and civic activities.
Buying Wharf could be a boost for Orange Beach
The 27,000 square foot facility was appraised at $3.4 million in May 2010.
Some people are wondering why a tax increase was on the table last year when the city is now in the position to purchase a new property. The city financial situation has changed drastically since June 2010.
1) Increase the reserve funds.
But let me make this clear: The unreserved surplus is because of our commitment to operate the city in an efficient manner and to cut costs at every opportunity. Through these efforts, the city has accumulated close to $6 million in surplus unreserved funds.
million in the Sewer Disaster Reserve and $8 million in the General Fund Disaster Reserve.
There will be no tax increase to purchase the civic center.
It is our goal to purchase an amenity that will operate at a break even level and will not become a burden on the taxpayers.
2) Pay off short term Adidas Neo Baseline Original
The estimated savings on interest are calculated at $100,000 per year to the city $20.5 million annual budget. This is still a very minimal level of return.
Now that the city is in the position of having a surplus of unreserved funds, and since we have decided that we do not want the money going into the general fund to subsidize daily operating costs, the city has three options:
BP had reimbursed essentially nothing at that point, and Adidas Originals Trainers Red
Like the rest of the Gulf Coast, at the start of summer 2010 we were suffering from the economic crisis created by the oil spill, which was expected to be catastrophic in nature. As a result, the city of Orange Beach estimated a possible $4 million to $8 million deficit for 2010.
However, since that time, through negotiations, the city received reimbursement for substantial personnel response costs as well as lost revenues for 2010, which brought the city budget back up to expected levels. We continue to negotiate aggressively with BP on revenue and recovery.
With interest currently being offered at less than 0.5 percent, there is little return in this option Adidas Originals Shoes Blue as an investment. The city currently has $6.5 Adidas Originals Rose Gold Shoes
there were no guarantees that it would ever pay anything.
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