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Home   >   News   >   Local News   >   Burlington Council in Monetary Pickle, but TIF Funds Could Help with PD

Burlington Council in Monetary Pickle, but TIF Funds Could Help with PD

By on January 3, 2013
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WITH A PRESSING NEED TO INCREASE REVENUE…CUT COSTS…AND AT THE SAME TIME CONTRIBUTE AN ADDITIONAL QUARTER-MILLION-DOLLARS THIS YEAR TO THE POLICE & FIRE PENSION FUND, THE BURLINGTON CITY COUNCIL HEARD LAST(WED) NITE FROM FINANCIAL CONSULTANT TRAVIS SQUIRES THAT IT NEEDS TO SHOW A CLEAR PATH TO SOLVENCY…OR SEE ITS BOND RATING DROP AND INTEREST RATES RISE. THE NUMBERS CAN BE CONFUSING…BUT ONE THING IS CLEAR: SOME PROJECTS WON’T GET DONE WITHOUT A PROPERTY TAX INCREASE AND THE QUESTION IS “HOW MUCH CAN YOU LIVE WITH?”

NOT ALL THE NEWS AT LAST(WED) NITE’S WORK SESSION WAS BAD — CITY MANAGER JIM FERNEAU TOLD THE COUNCIL THERE SHOULD BE A WAY TO RE-DIRECT SOME TAX INCREMENT FINANCE DISTRICT FUNDS TO HELP PAY FOR A NEW POLICE STATION…..

FERNEAU CONFIRMED YESTERDAY(WED) THAT THE CITY AND COUNTY ARE LOOKING AT AN EXISTING BUILDING IN BURLINGTON THAT COULD BE REMODELED FOR 4-TO-5-MILLION DOLLARS AND USED BY THE POLICE AND SHERIFF’S DEPARTMENTS.