Why did the initial cost impact estimate of $44 per $100,000 of assessed value change just a couple of weeks before the election to be $53.75 per $100,000 of assessed value?

When the Village Board approved the referendum question, they made assumptions based on the very best information available. One assumption related to the cost of interest in order to borrow project capital funds. We were able to estimate that if the Village moves forward with the project, the approximate impact on property taxes due to construction and operating costs is an increase of $44 per $100,000 in assessed property value. The $44 estimate included those initial interest cost assumptions.

However, recognizing that interest rates are increasing, the Village asked our professional financial advisors to reconsider the interest rate assumption and the property tax impact estimate. Their revised estimate is that the impact on property taxes is an estimated increase of $53.75 per $100,000 in assessed property value. For example, if your property is worth $350,000, the estimated property tax increase would be $188.13 ($53.75 x 3.5).

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1. Why did the initial cost impact estimate of $44 per $100,000 of assessed value change just a couple of weeks before the election to be $53.75 per $100,000 of assessed value?
2. What does "advisory referendum" mean? What exactly does this vote accomplish?
3. What will it cost to build the facility?
4. What is the anticipated cost per year to operate? How much of this will need to be covered by tax dollars?
5. How will the construction and operating costs affect my tax bill?
6. Has the cost of interest on the $9.4 million borrowing been factored into the estimated tax impact of $53.75 per $100,000 of property value?
7. What kind of programming can happen at the pool?
8. Will the facility be able to host a swim meet?
9. Where will it be located?
10. Will there be a warm-water section of the facility?
11. Will there be lights?
12. Will there be a fee to use the pool? Daily? Season pass?
13. Will people outside of the Village be allowed to visit? Will their fee be higher?
14. Is the picture we see in the current materials THE POOL we are getting?
15. My group is interested in supporting a change to the design (i.e. more lap lanes, a diving well, an outdoor pavilion). Is it possible for us to help make this change?
16. How will you pick a firm to design and oversee construction of the facility?
17. Will there be a private fundraising campaign?
18. Is there a plan for a future phase that might include an indoor facility?
19. When could a facility be opened for public use?
20. How will a Village aquatics facility impact other local aquatics options, like the School District’s indoor pool or privately owned facilities?
21. If I support or oppose the referendum is there a way for me to get involved and join with others to advocate for my position?
22. Is there an opportunity to engage potential partners with the project, like the School District, neighboring communities, or private businesses?
23. Will it be difficult to find people to staff an outdoor aquatics facility?
24. Where can I go to learn more about this project?