Project AWAYSIS would not be possible without funding from various sources. The following is a list of the proposed financing.
- $9 million investment by Vision Iowa
- $3.5 million general obligation bond issue
- $7.5 million in bonds to be repaid by lodge revenue
- $5.4 million from bonds to be repaid by existing Local Option Sales Tax
- $680,000 in Local Option Sales Tax accrual during construction
- $1.5 million from hotel/motel tax bonds
- $500,000 contribution from Buena Vista County
- $1.0 million from the sale/lease of condo lots
- $650,000 Federal appropriation
- $2.196 million road use and utility funds
- $2.1 million in Tax Incremental Financing bonds
- $2.25 million in private fundraising
- $500,000 investment income
- $800,000 Grants and rebates
Total: $ 37,576,000
Of this total, only the $3.5 million from general obligation bonds will create a property tax increase. For the average residential property in Storm Lake, the increase will be $52.20 per year or $4.35 per month.
(The final financing plan is subject to change due to final financing costs, timing, etc.)
|
 |