(Presented to the council during the visitors section of last nights meeting)
Below is the information I presented during the visitors section at last night's council meeting and the questions that I posed. I meant to have a copy for you last night.
Richardson is a wonderful place to live and I know we all want it to continue to be just that; as well as being an open, transparent city government that works for the benefit of the taxpayers and gives them the biggest bang for their buck. I know that you all take your fiduciary responsibilities to the taxpayer very seriously and want to make good on the promises and initiatives discussed during the campaign forums.
I look forward to hearing back on the questions below...
The Hotel/Motel Tax Fund incurred an estimated operating shortfall of (457.6M) in 2008-2009 and has a budgeted operating shortfall of (151.6M) in 2009-2010.
On a stand-alone basis, the Eisemann Center and parking facility generated an estimated operating shortfall of (1.9MM) in 2008-2009 and has a projected operating shortfall of (2.0MM) in 2009-2010.
This follows an operating shortfall for the Eisemann Center and parking facility of (1.5MM) in 2007-2008, which is before debt service and indicates a growing cash drain on city finances.
How much has the city invested in the Eisemann Center and parking structure vs. private sector investment in these projects?
How much public debt is outstanding involving what specific C.O. issuances on these projects?
What are the annual debt service requirements for these projects?
Given 5.7MM in total developer incentives and infrastructure improvement rebates in 2008-2009, an unknown amount in 2009-2010, and in recognition of tax abatements granted on the still-vacant TI plant, the Palsul Development-related below FMV land swap, the Eastside developer land give-away, the much-chronicled StarTech Joint Venture, along with other ED projects....
When can the tax payers expect to see sufficient positive economic returns on THEIR sizeable investments in the Eisemann Center and these other investments?