By Brian Massie, A Watchman on the Wall
Thanks to Joel Dimare, Lake County Director of Administrative Services, for confirming the costs of the new Public Safety Center.
The proposed new Lake County Public Safety Center (Jail) to be construed across the street from the current jail.
Original Cost of Safety Center : $205 million
Debt service cost on notes and bonds if paid off in 2052 would be $60,675,014.58
Downpayment is $90 million, with balance to be paid with notes and bonds.
Note: $50 million (Can be paid off in 2025, or can be partially paid down and rolled over in 2025)
Bonds: $65 million
Total price of the Public Safety Center if Bonds are paid off in 2052 will be ~$265 million.
“The bonds are callable after the first 5 year term at which time the County will look to refinance if rates are better. As far as additional operational costs, when the Sheriff’s Office moves over to the new facility, the plan is to be staff neutral. This can be accomplished because of the design of the new building compared to current.”…Joel DiMare, Jr. MBA Lake County Director of Administrative Services
The County will receive $1.8 million in additional annual revenue starting in 2025 because of the new jail. This revenue is due to the sexennial revaluation in 2024, and the additional revenue is due to the inside millage rates not being subject to the vote of the taxpayers. Lobbyists for Citizens asked that the County forgo the collection of the $1.8 million because the taxpayers did not vote on it. The Commissioners stated that they needed the money because of the inflationary costs impacting County government.
ANY TAX THAT CAUSES A CITIZEN TO BECOME HOMELESS IS IMMORAL!
Categories: Lake, Lake County - General