Sioux Falls citizens talk about proposed events center payment plan
If you live in Sioux Falls your taxes won't be raised if a new events center is built. That's what the mayor and the city's finance director said Monday as they unveiled how the city will pay for the building.
The city plans to pay for an events center by using a portion of the revenue they collect from the 2nd penny sales tax. They also plan to borrow some of the money from bonds which could take about 22 years to pay back.
But city leaders say your taxes won't be going up.
At Monday's meeting the city says there will be no new taxes, property taxes won't be raised, this proposed plan won't use the first penny sales tax and it also doesn't depend on private funding. The entertainment tax and general dollars also won't be used.
We talked to some people who live in Sioux Falls who say they just want this events center built.
The Finnegan family has lived in Sioux Falls for 28 years and they're ready for an events center to be built.
"I'm glad they're moving forward with an events center and I'm happy to see them progress and get the thing completed," Mark Finnegan said.
Because it could be an good investment for the city.
"I have a grandson here and if the city is going to grow and be better for him, then I'm all for it," Jeanice Finnegan said.
Just a few weeks ago the city council voted to build the proposed events center near the convention center/arena location.
For the Finnegan's they were hoping for the opposite site.
"I wish it was downtown but we need one like we needed the Pavilion and I don't care if tax dollars are spent. I'd like to see the city progress and it can't progress until we put money out," Jeanice Finnegan said.
But from what city leaders said Monday your taxes won't be going up and for many families in Sioux Falls that's a sigh of relief.
"It's good news for taxpayers and maybe more people will be acceptable to have the center go through if that's the case," Mark Finnegan said.
The Finnegan's just hope the process keeps moving forward.
"If they want to get this events center built now is the time to do it and we've been talking about it for a long time so let's get her done," Mark Finnegan said.
The finance director is expected to give another update in July. At that point he is expected to talk more about borrowing the money. The city is also looking into hiring a financial advisor.
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