$300 Million Bond Election Could Be on the November Ballot - KCBD NewsChannel 11 Lubbock


$300 Million Bond Election Could Be on the November Ballot

There's no doubt that with a $300.6 million bond election, taxes would have to go up. But what exactly would that money be spent on? The Citizen Advisory Committee presented its bond proposal to the Lubbock City Council at Thursday's council meeting.

Citizen Advisory Committee Chairman Bill Miller said, "If we don't help ourselves right now in certain key areas, the cost to do it later is astronomical and it's only going to grow."

Miller and committee members presented their findings Thursday morning.

Miller said, "We're basically...taking care of what we've got, and having an adequate infrastructure to grow on."

The proposal includes nearly $53 million in street improvements, but the most expensive projects have to do with the arts. There's an $85 million plan to remodel the Lubbock Memorial Civic Center.

The committee also wants to do away with the City Bank Auditorium and Coliseum and build a new performing arts center and a new multi-purpose arena downtown. Both projects would cost a combined $115 million. The goal is to revitalize downtown.

Another proposal is $1.5 million for the construction of a Mercado in North Lubbock and then another $12.3 million for phase two of the youth sports complex the city broke ground on Wednesday. That would include the construction of the soccer fields.

Miller added, "The amount is so staggering. We feel like we (should) focus on the short term and get some success for the city."

That potential success would equal tax hikes for Lubbock taxpayers. The total cost of the bond would be just shy of $300.6 million.

Taxpayers would pay those costs out during a four year period. For example, if you own a $100,000 home, you would see your first increase in the fiscal year 2007-2008. It would be a 4.26 cent increase or $43 per year. For 2008-2009 there would be another increase of 5.6 cents or $56 per year. In 2009-2010 the increase would be 4.67 cents or $47 per year. And in the last year, 2010-2011, the increase would be 5.62 cents or $56.

That's a total of 20.15 cents increase or $202 over four years.

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