The new Concord Trustees, after many weeks of stakeholder meetings, deliberations and discussions, have decided to put an $8 million (plus interest) Bond Levy on the November 3, 2020 ballot.
At their special meeting held tonight they had two options that they were considering for funding the extravagant main fire station being pushed by the Fire Chief, Matt Sabo.
Option 1 was a $6 million (plus interest) 26 year bond levy that would have generated enough revenue to pay for the fire station Chief Sabo said he needed to serve the community.
Cost to taxpayer: .45 mills x $35.00 = $15.75 per $100,000 home valuation
H.A.T. = $15.75 / .3 = $53.50 per $1000,000 home valuation
Option 2 was an $8 million (plus interest) bond levy for 26 years.
Cost to the taxpayer: .6 mill x $35.00 = $21.00 per $100,000 home valuation
H.A.T. = $21.00 / .3 = $70 per $100,000 home valuation
Here is the resolution that covered the $8 million: Concord Fire Levy Resolution for $8 million
Why did they select the $8 million bond levy when they only needed $6 million to pay for the main fire station? Are you ready for the answer?
“JUST IN CASE” THE EXTRA MONEY IS NEEDED! .Honestly, that was their rationale. The interest rates are low, so why not borrow money that you do not need now JUST IN CASE you need it down the road? If we did not know better, this seems like a reincarnation of the Malchesky / Galloway tandem.
So the new trustees’ legacy will be the majestic fire station, and their political careers will rise or fall on tonight’s decision. In our opinion, they have swung for the fences, and missed the ball completely.
It is now up to the voters…
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Categories: Concord, Lake County Cities & Townships, Uncategorized
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