After 15 years and three failed bond issues, it has finally come to this: It could cost less for Eagle to buy City Hall than to lease it.
We endorse Eagle’s City Hall bond issue because the math pencils out.
In October, Eagle’s annual lease payment on City Hall is scheduled to increase to $240,592. If voters say yes to a 15-year, $1.5 million bond issue, annual bond payments are projected to be $116,000.
It’s an odd turn of events. The economic downturn that forced deep cuts in Eagle’s budgets is now working in the city’s favor. The asking price to buy City Hall is down 21 percent from 2006, when Eagle entered its current lease agreement.
The bugaboo here is a possible property tax increase. The bond issue would authorize the city to raise property taxes and cover the bond payments, if necessary.
City leaders can’t guarantee there won’t be a tax increase. Any assurance, made on behalf of current or future elected officials, would be misleading. All voters can go on are the current numbers, and they favor a yes vote.
“Our View” is the editorial position of the Idaho Statesman. It is an unsigned opinion expressing the consensus of the Statesman’s editorial board. To comment on an editorial or suggest a topic, email editorial@idahostatesman.com.
