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 Eagles City Hall bond issue because the math pencils out.
In October, Eagles 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.
Its an odd turn of events. The economic downturn that forced deep cuts in Eagles budgets is now working in the citys 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 cant guarantee there wont 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.
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