City wants to amend sales taxes

[shadows]

City wants to amend sales tax for new home.  TW 10/12.

There seems to be about 6 million dollars in unused sales tax money the administration wants added to the 76 million dollars to work on the new city hall while the city infrastructure goes to hell.

As Google reports;

Williams Companies, Inc, spun off Wiltel communications which filed chapter 11, deleting the stockholders equity; was acquired by Leucadia, (seems a business brokerage firm) in a switching around of stock.      Level 3 acquired from Leucadia for 680 million dollars in cash and stocks, WilTel assets and equipment less the Ice cube building, parking garage and any debts that WilTel might have.  Level 3 purchase included all transmission line and service agreements plus the High-Tec equipment.  The Ice cube building, where much is located, for some reason was not included in the transaction.  (No reason is given but one could assume Level 3 did not want to be responsible for its up keep, or poor design or for tax purposes)

Since Level 3 owns the phone equipment in the building and are acquiring SBC and AT&T they will be the provider for the city telephone services indirectly.  So the 2+M yearly rent will be recovered by Level 3.  

The parking garage is reserved by Level 3 on 90% their use and
10% city use.

Question:  Should the 6M sales taxes surplus be used on the building or the much needed infrastructure???

Million here and a million there to keep up a white elephant when we don't have a fenced lot to keep it in?

[sgrizzle]

Linkification:
http://www.tulsaworld.com/news/article.aspx?articleID=071012_1_A11_hPubl27681

[cannon_fodder]

Proud to have been against this new city hall thing from the start.  Please get everything else in line that serves the city before you get your new house spruced up for yourself.

[doofus]

Will you be attending the public hearings?

[carltonplace]

"The consolidation will free several city facilities for redevelopment that would have received the sales-tax funds that are now being requested for One Technology Center"

What's wrong with that? If we vacate and sell these assets that the city will no longer need, why can't they move the money to the new city hall?

Are you suggesting that they should reallocate it to some other roads project or not collect it altogether?

[Chicken Little]

I'm oversimplifying, but that sales tax would be fixing roofs on buildings that are going to be sold and knocked down.  I think it's reasonable to redirect the money into the new building.

Technically, spending it on the building maintenance at OTC would be more in line with what the taxpayers approved at the time it was placed on the respective bond issues.  Transferring it to roads would be an apples to oranges transaction and less reflective of the public will at the time.  Keep in mind that some of this money was approved 16 years ago.

[swake]

From reading the article the city is going to lower the bonded amount by taking surplus 3rd penny money and 3rd penny money intended for improvement/repair of city facilities that will no longer be used due to the purchase of the building. By lowering the bonded amount the city will lower the annual cost of the building to the general fund thus improving the profitability of the building. This is a net gain to the operating budget of the city. How is that a bad thing?

[TheArtist]

Article says

"Will free several facilities for redevelopment that would have received the tax funds that are now being requested for One Tech Center".

In other words this 6 mill was going to go to the old buildings, now they want it for the new one. They say it can be used for reconfiguring spaces in the new building or paying down the debt.

I say they pay down the debt and manage with the configuration they have. I cant imagine what kid of "configuration" would be "needed". Put up some danged floor screens or something lol. That cant possibly cost that much and they may have enough left over dividers and such from the old buildings. Those arent "needs" anyway. Unless they are talking about something else I cant think of.

[sgrizzle]

quote:Originally posted by TheArtist

Article says

"Will free several facilities for redevelopment that would have received the tax funds that are now being requested for One Tech Center".

In other words this 6 mill was going to go to the old buildings, now they want it for the new one. They say it can be used for reconfiguring spaces in the new building or paying down the debt.

I say they pay down the debt and manage with the configuration they have. I cant imagine what kid of "configuration" would be "needed". Put up some danged floor screens or something lol. That cant possibly cost that much and they may have enough left over dividers and such from the old buildings. Those arent "needs" anyway. Unless they are talking about something else I cant think of.

They will need lobbies and payment counters, but that should be it.

[FOTD]

quote:Originally posted by TheArtist

Article says

"Will free several facilities for redevelopment that would have received the tax funds that are now being requested for One Tech Center".

In other words this 6 mill was going to go to the old buildings, now they want it for the new one. They say it can be used for reconfiguring spaces in the new building or paying down the debt.

I say they pay down the debt and manage with the configuration they have. I cant imagine what kid of "configuration" would be "needed". Put up some danged floor screens or something lol. That cant possibly cost that much and they may have enough left over dividers and such from the old buildings. Those arent "needs" anyway. Unless they are talking about something else I cant think of.

i say make the third penny perm and quit with all the charades....

[YoungTulsan]

quote:Originally posted by swake

From reading the article the city is going to lower the bonded amount by taking surplus 3rd penny money and 3rd penny money intended for improvement/repair of city facilities that will no longer be used due to the purchase of the building. By lowering the bonded amount the city will lower the annual cost of the building to the general fund thus improving the profitability of the building. This is a net gain to the operating budget of the city. How is that a bad thing?

Why look at things logically when you can look at them emotionally?

So money that will no longer be needed to fix up city properties that are being consolidated, will be used to reduce the amount of money the city has to borrow to purchase the building?  Makes perfect sense.  But what about the children?

[carltonplace]

There is nothing in the budget for children. They'll have to play on the elevator or with the fire suppression system.

[Double A]

This is gonna be fun. I can't wait for November 8th.

[TheArtist]

quote:Originally posted by sgrizzle

quote:Originally posted by TheArtist

Article says

"Will free several facilities for redevelopment that would have received the tax funds that are now being requested for One Tech Center".

In other words this 6 mill was going to go to the old buildings, now they want it for the new one. They say it can be used for reconfiguring spaces in the new building or paying down the debt.

I say they pay down the debt and manage with the configuration they have. I cant imagine what kid of "configuration" would be "needed". Put up some danged floor screens or something lol. That cant possibly cost that much and they may have enough left over dividers and such from the old buildings. Those arent "needs" anyway. Unless they are talking about something else I cant think of.

They will need lobbies and payment counters, but that should be it.

This is a contemporary building, imo there should be no need for "lobbies". Just put a desk off the main elevator on the floors that need it. Leave the floors open so they can be more easily supervised and interact with the different city functions and agencies. Payment counters cant cost 6 mill. Modern office buildings are designed a certain way for efficiencies and other productivity reasons. You bought the building, go with it.

[shadows]

Level 3 should have bought the building and rented a part to the city which would have kept it on the property tax rolls.  Leases are not subject to the bond issues or property taxes but this purchase exempts the building from taxes as the title will be in the cities name.

We have appointed a study group to study the pot holes in the streets.  We love studies that are never carried out.  Six million dollars would fill several of the pot holes or maintain some of the parks that are used by the citizens.

It seem that some one ran across the 6M and said "we can use that to fix up the (new) building but we will tell the working poor and retirees that it will reduce the revenue bonds that will be issued to be paid off by the budgeting process of the city."