The City of Pensacola should pledge general revenue funds to back a $40-million bond issue for the Community Maritime Park.
The city originally had planned to use money from the Community Redevelopment Agency — a special district that uses property taxes paid by downtown residents to address slum and blight — to repay the proposed $40 million bond issue.
A Florida Supreme Court ruling in September, however, halted those plans when it ruled in an unrelated case that voter approval is required when property taxes from special districts are used to repay bond issues.
he new proposal would pledge city general revenue funds not generated by property taxes as collateral on the debt. The funds could include revenues from franchise fees, communications services taxes or public service taxes generated through utility fees.
The general fund has already taken a hit, because of statewide property tax reform approved by Florida voters on Jan. 29. The city is in the process of implementing a 30-month plan to cut $4.7 million from its general fund. Preliminary plans call for cutting 122 city employee positions through retirements and attrition, and streamlining departments and services.
In November voters could approve another round of property tax cuts that could reduce city revenues even further.
BUt my question is where will the funds come from to try and end the blight that is festering in the city?
Filed under: News, West Florida | Tagged: City Politics, Funds, Taxes, Urban Planning, Voters
