BY ROGER J. RINTALA
This is our opportunity to build and live with two facilities that will benefit every segment of our community — a performing arts center and an aquatics center. Our community has repeatedly prioritized the development of both a performing arts center and an aquatics facility in public surveys (Godbe Research, 2011) and meetings. Capital projects such as these are often paid for over time so that the residents who pay for the facilities can benefit from their investments at the same time as they are paying for them.
By pursuing bond financing, Truckee can begin realizing investment benefits now.
Benefits of bond financing include:
Start using the facilities in the very near term! Residents and visitors can start enjoying the facilities and associated programming as soon as construction completes. We can build now so we enhance our lifestyle now, not later.
Immediate and ongoing economic investment in Truckee The local economic impact of the construction investment will come first, then the utilization of the new services, and finally the economic impact of the productions and events.
Property owners benefit from access to the facilities and programs, and enhanced property values. We begin realizing the benefits as we start to pay for them.
Once use and programming begins, property owners will also begin to benefit from the positive community and economic impact as reflected in their property values.
In this case, the district is buying both facilities when the interest and construction costs are at historic lows, effectively buying “on-sale.”
Consider a home mortgage. By borrowing the money, the homeowner can begin living in the home immediately, build a life, and perhaps raise a family in the home. If this person first saved for years, prices would rise and the homeowner’s life may be almost over before he could move into the home. He and his family will have missed out on all of those years of living in their home.
To take the saver’s approach, money must be diverted from the current budget for services, pulling dollars, services, and even jobs directly out of our community. And, we’d be faced with higher costs in the future.
Problems with the save-first approach:
Property owners lose. Property owners will pay for the savings but realize no benefits until years in the future. If they sell their property, they’ve paid in but received no benefit. A future property buyer could then benefit from both the services and the property value appreciation associated with the community investments, all without having paid in. This is unfair to the property owners who are paying these taxes.
The lost generation problem. A generation of seniors will never attend or participate in a performance, will never use the warm water and lap swimming offerings, but they will have paid for them.
A generation of kids and adults will mature without these great facilities and programming.
Our community will not benefit from the cultural, wellness, and lifestyle benefits of these assets.
Our community will sacrifice valuable services and economic benefits.
Bond financing as proposed is affordable, fair, and equitable. It allows us to build when the prices are the cheapest, and to gain the benefits when we pay for them. Because Truckee Donner Recreation & Parks District has proven its financial acumen, has the credit rating to gain access to the low interest rates, and is responding to the established priorities of our community, these projects are responsible and in Truckee’s best interest.
Please consider the benefits and VOTE YES on Measure J.
