local share capital construction financing 0.5 % city sales tax local share operating financing...

Local Share Capital Construction Financing• 0.5 % City Sales Tax

Local Share Operating Financing• Facility User Fees.• 1.5 % City “Hospitality” Sales Tax

(Hotel lodging, Prepared Food and Beverage).

• $20 excise tax on vehicles at dealerships.• Only in addition to existing taxes (ex: clothing, groceries, etc. not

taxable).

Sources of Funding

Local Sales Taxes Subject to City Voter Approval

MERIT Location

2

MERIT Capital Project Financing

3

Cost Description Cost in dollars ($)

Total 7,000,000

Funding Source Funding Amount ($)

State of MN Bonding (2010) 1,000,000

State of MN – DEED Grant/Bonding 2,500,000

Local Share 3,500,000

Total 7,000,000

SMSU Partner Facilities

Highway Pedestrian Underpass

Proposed Performance Softball

& Youth Baseball

Proposed Sports Center

Hw

y 23

Hwy 19

Amateur Sports Facilities

N

4

Marshall High School Partner

Facilities

Proposed Performance

Soccer & Multi-Sport Fields

Funding Source Funding Amount ($)

State of MN – DEED Grant/Bonding 4,000,000

Private Donations 1,500,000

Local Share 7,440,000

Total 12,940,000

Cost Description Cost in dollars ($)

Total 12,940,000

Amateur Sports Capital Project Financing

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A.Meet State Legislative Requirements.B.Meet Future Bonding Requirements.C.Simple and Clear.

Ballot Language Objectives

• Sets ballot title and language only.• Action is not an endorsement.• Future Council action on projects will be

required.

Council Approval This Evening

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