The major item Tuesday at the Planning commission is a Public Hearing about the Basic Development Plan and Rezoning request for the Music Center. If you have not been to a Planning Commission meeting I recommend you attend this one. My experience has been that the questions from members of this citizen based commission show a lot more insight than what you see from the questions our elected official pose in their meetings. The scope of the Planning Commission's purpose means you can't get answers about budget, economic impact or logic but they are responsible for ensuring environmental, traffic and noise concerns are considered. Also, keep in mind council will do what council wants to do so your highest expectation should be knowledge from hearing a good discussion.
Monday Council will authorize the borrowing of the first $4.5 million dollars of the planned $18 million for the Music Center. Has council provided as part of any public meeting the analysis that shows the city will be able to pay back the money they plan to borrow? We definitely should have been provided this a long time ago. Of course, if the few people that are interested enough to investigate do it privately then it is unlikely the public will ever be informed if the official position doesn't match reality. It is only when there is public discussion about issues that we can be assured that the public is given the entire story. That is why I would like to see at least five people sign up for citizen comments Monday night and say, "I am a resident of Huber Heights and I ask council to provide the analysis that shows how we will be able to afford to pay for the Music Center".
Notice also that there is about $10 million dollars of other debt being re-financed during Monday's meeting. This is largely debt incurred because of the Aquatic Center and Carriage Trails. The city has chosen to keep borrowing this money as short term notes instead of turning them into long term bonds. One of the main reasons for this is because short term interest rates are so low. This is the same theory people use when they decide to finance their house using Adjustable Rate Mortgages (ARMS). You pay lower rates at the beginning but take a chance that a couple years down the road interest rates will be so high that you end up paying more in the long run. Without going into too much detail, ARMS can be a good strategy but the key to that strategy is having the discipline to make additional payments right after you borrow the money. For example, suppose you borrow money for your house using an ARM and this lowers your payment from $1000 to $800, if you decide to pay the $1000 every month then when you are stuck paying the higher interest rate later you may still end up saving money. This is because while the interest rate was low that extra $200 a month lowered your balance a lot. So the city's refinancing using short term notes could be ok if they were using this opportunity to pay down the Aquatic Center debt. But they are not! Instead they are piling on an additional $18 million dollars. In the mean time long term interest rates have increase .25% during this past 6 months.
The other item of note is the new bathroom / concession stand planned for Thomas Cloud Park. The example building doesn't look all that feasible Item agenda J is where you can find the details. There is an eleven page file with layout and pictures. The "Example Concession Stand Building" doesn't show any exterior serving windows but the plans do. I don't see any cost estimate or management agreement yet. The public hearing on the proposal is one of the first things on the agenda.
I'll leave the reading of the read aheads to you. They can be found at the links above and I've reposted some agenda items below.
Planning Commission Tuesday April 23 7 pm City Hall 6131 Taylorsville Rd
G New Business
- PUBLIC HEARING - The applicant, THE CITY OF HUBER HEIGHTS, is requesting approval of a Basic Development Plan and a Rezoning from Planned Employment Park (PEP) to Planned Mixed Use (PM) for The Music Center at The Heights (ZC 13-12).
- MINOR CHANGE - The applicant, ANCHOR SIGN on behalf of Leslie's Pool Supplies, is requesting approval of a Minor Change for additional signage at the rear elevation of property located at 7757 Old Troy Pike (ZC 13-11).
- FINAL PLAT - The applicant, DEC LAND CO I LLC, is requesting approval of a FInal Plat for Section 13, Phase III consisting of 8.020 acres of the Carriage Trails Development (ZC 13-13).
City Council Meeting Monday April 22, 7pm City Hall 6131 Taylorsville Road.
Comments
How much will interest rates affect how much the project costs?
Last edit: by Thomas McMasters