CIP heavy with 2015 Vision-related spending
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By the Lincoln Journal Star
The Lincoln-Lancaster County Planning Commission on Wednesday saw a Capital Improvement Program plan loaded with money for 2015 Vision-related projects.
The document, which lays out more than $1 billion in proposed spending on city infrastructure and services over the next six years, is updated annually. Only the first year of the plan, the 2008-09 fiscal year, is considered concrete, with future years serving as more of a wish list.
A Planning Commission hearing, at which commissioners determine whether the CIP conforms to the city’s Comprehensive Plan, is the first step in the public process.
The City Council will eventually approve the final CIP, which may or may not be the same as what was unveiled Wednesday.
Probably the most notable expenditure in next year’s CIP is $338 million in the Urban Development Department budget for the West Haymarket redevelopment, including a proposed arena. The document lists $253 million for a general obligation bond, which is scheduled to be put to a vote next year, and $85 million in other financing, which would likely include tax increment financing and parking revenue, among other sources.
The Urban Development Department also lists $6 million for an Antelope Valley redevelopment project at 20th and R streets.
City Urban Development Director Dave Landis said Wednesday the money is for a project involving a “large financial institution” that wants to move to the Antelope Valley area.
Speculation has centered on Assurity Life Insurance Co., which has said it wants to build a new headquarters in the area.
The Parks and Recreation Department’s CIP request includes $6.9 million for an east downtown park to be called Union Plaza in honor of Union Bank, which donated $1.5 million for the project.
All three of the projects are among the 2015 Vision group’s community pillars.
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Scott wrote on May 15, 2008 9:50 am:
Blood From A Stone wrote on May 15, 2008 10:44 am:
The city has a serious budget shortfall. Where will the money come from? Increased taxes maybe?
We just voted down the 26 year bond measure on the new jail, which means we will probably be paying for it over 10 years instead. That is estimated to raise taxes on a $150,000 home by $100 a year (Journal Star article from 5/3).
Add a new arena, with another $253 million general bond (if it actually happens to come in at the estimated cost – can you say “soil contamination”?). Based on the jail projection for a 26 year bond, this project would raise property taxes on a $150,000 house another $150 a year, but only for the next quarter century.
I’m sure the school system is more than happy with their current share, and won’t be asking for more in the coming years.
Finally, don’t forget that the property taxes you are paying this year were reduced, thanks to Governor Heineman’s tax relief – don’t count on that continuing for long.
And before any renters get too smug, I’m sure your landlord will be more than happy to pass their increases along to you.
As of 2005, Nebraska was tied for 8th place (with Utah) for having the highest state/local tax to income ratio in the country 10.9%). With a couple more projects like this, I’ll bet we can be #1 in the nation for something again!
Thank goodness we’re in a recession, with skyrocketing fuel and food prices and minimal (at best) raises. I’m sure a few hundred bucks here and there won’t hurt anyone!
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me wrote on May 15, 2008 10:44 am:
SB wrote on May 15, 2008 12:10 pm: