ARTICLE TOOLS
Cleveland gets caution on ‘creative financing’ for high school wing
CLEVELAND, Tenn. — Both the Cleveland City Council and City School Board agree they want to build a Cleveland High School science wing.
Finding the estimated $5 million to $6 million to pay for it is the challenge.
The council asked Finance Director Michael Keith on April 28 to look for “creative financing.” On Monday, they got the staff recommendation: It’s not a good idea.
“Financing is not the hard part. Paying it back is the hard part,” Mr. Keith said Monday.
He said the city’s debt service fund is above its target of $1.3 million and is now at $2.8 million. He sees no possibility of the city’s debt service decreasing during the next 20 years, leaving no money for new debt.
If Bradley County raises money to build a school, Cleveland by law will get a share. But nobody knows when that will be, council members said.
Councilman Richard Banks suggested going ahead and budgeting for at least the beginning phases of the science wing.
Councilwoman Bambi Hines asked whether the city should vote in a five-cent property tax increase that would last just one year. The city rate has stayed level for years and city leaders brag that Cleveland has the lowest city tax in the state for towns that have a complete K-12 school system.
“How long can we stay at $1.65?” Ms. Hines asked.
See tomorrow’s Chattanooga Times Free Press for complete coverage.
Share and Enjoy...
These icons link to social bookmarking sites where readers can share and discover new web pages.This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.



Comments
Post a comment
Commenting requires registration.