Maintenance of recreation complex and maintain

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Reference no: EM132061318

If Cleveland County has a property tax base of $14.3 Billion, and an assessment rate of 12%, how much would the tax rate (in mills) need to increase to fund the construction $20M and maintenance of a recreation complex and maintain ?

Given:

The original construction loan (5% 20yr) would be financed with bonds and require $1.6M annual debt payments.

Annual maintenance would amount to $400k/yr

Reference no: EM132061318

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