Tea Party of Scottsdale, AZ
Our mission is to attract, educate, organize, and mobilize our fellow citizens to secure public policy consistent with our three core values: Personal Freedom, Economic Freedom and a Debt-Free Future


 

 

Scottsdale City Council Report by Doug Reed July 19, 2014

McDowell_Sonoran_Preserve.jpgMcDowell Sonoran Preserve

1995 to 2025 tax rate .2% Limited to land acquisition only  2004 to 2034 tax rate .15% Land acquisition & improvements (NO MAINT OR OPERATION COSTS) Total tax rate .35% ($3.50 per $1,000 purchase)

INCOME (through 2013): Tax collections$420 mil; Bond proceeds$495mil;Interest earned$  39mil;  TOTAL$954mil

EXPENSES (through 2013): Land acquisition   $632mil; Principal & interest  $293mil; Improvements (trails & trailheads) $ 21mil.  TOTAL $946mil

PROJECTIONS (2014-2034):  Tax collections$652mil; Interest earned $ 7mil; Principal & Interest expense($550mil); Cash left over$131mil (includes cash in acct now); Budget for trailhead expenses($ 28mil); Net cash left$103mil

With this cash left, the Preserve can 

issue $66mil of bonds at an assumed interest rate of 3.4%

Two parcels are of primary interest-Dynamite to Dixileta E of Pima and Rawhide Wash (strip running NE from Dixileta and Pima) totaling 405 acres plus 15 acres of private properties.

Estimated cost is $37mil, leaving $29mil in buying power in account.

There are 3700 acres of remaining land which the Preserve would like to buy. At $100 per acre, total cost $370mil. At $250 per acre, total cost $925mil.

Bottom line is no money left after the last two small parcels are bought.

If residents want to complete the Preserve, an additional tax will be needed.

Check out "*****ACTION ALERT FOR SCOTTSDALE******" on Arizona Freedom Alliance

To view this discussion, visit: 
http://arizonafreedomalliance.ning.com/group/scottsdalenews/forum/topic/show?id=6399857%3ATopic%3A48040

 

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