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City gets first look at five-year capital improvement plan.
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Date published: 8/20/2003
By ELIZABETH PEZZULLO
Offsetting some of the debt is an anticipated increase in real-estate tax revenues. Although the city dropped its tax rate from $1.13 per $100 of assessed value to 89 cents this year, a 40 percent increase in property values from a reassessment means the lower rate will actually bring in 11 percent more tax revenue.
Cameron, who recommended the 89-cent rate, said the increase supports additional bonded debt of $20 million to pay for capital projects.
The plan for this fiscal year calls for $200,000 for architectural and engineering costs associated with the pool at the Dixon Street rec center and $200,000 to renovate the long-closed Maury School.
Another $923,000 would be spent to finish up the Cowan Boulevard extension from its current western end to the Carl D. Silver Parkway across Interstate 95.
The plan also sets aside $3.4 million to buy 48 acres for silt removal from the Embrey Dam, but the council is negotiating with the Silver Cos., which owns the land, to lower the price.
As with that cost, other details of the plan could change.
"We need to look at what we want and make adjustments on needed projects to please our constituents," Councilman Hashmel Turner said.
To reach ELIZABETH PEZZULLO: 540/374-5421 email@example.com