Tax Increase Estimates Released For Jasper Library Board’s Half Of Proposed Cultural Center

Jasper (NNDC) – The Jasper Public Library Board now has a good idea of what its going to cost homeowners and businesses in additional taxes for a new Jasper Cultural Center.

Indianapolis-based Umbaugh and Associates has presented the board with estimates based on 10-, 15- and 19-year repayment plans based on a $6.5 million bond which would be the most the library board could borrow for its half of the proposed center.

The library board is considering building the proposed cultural center with the Jasper Arts Commission which is asking the city council to fund its half with a similar amount. The city has not committed any money yet for the project which has a preliminary pricetag of a little more than $13 million.

Umbaugh estimates the payments for homes valued at $75,000, $100,000, $200,000 and $250,000.  CLICK HERE FOR THE COMPLETE UMBAUGH & ASSOCIATES REPORT

Umbaugh’s study ways a Jasper home, with a market value of $200,000, would cost the homeowner $6.44 a month in additional property taxes to pay the interest on the library board’s bond over on a 10-year plan; $4.86 for 15 years and $4.25 for 19 years.

The median home price in the greater Jasper area is $132,000.

For a rental or commercial property valued at $100,000 the tax increase will be $6.58 for 10 years; $4.98 for 15 and $4.35 for 19 years.

Only Jasper city residents and those who live in Jasper-Boone, Jasper-Madison and Bainbridge townships would pay for the bonds. They will also be the ones that will have to approve any bond amount and length in a referrendum scheduled for this November’s election.

A similar bond referrendum for $7.3 million was soundly defeated in 2011. That bond referrendum was for a new library to be built on south Newton Street just south of the Patoka River Veteran’s Bridge.

Earlier, the board said it hopes to lower its share of the proposed cultural center’s cost with fundraising including private donations.

The libary board has agreed in principal to buy the former Hoosier Desk Building from its current owners, Paul and Ken Sternberg, for $864,000. That building is the proposed site for the cultural center. That price is not included in the referrendum amount.

The library board and the Jasper Community Arts Commission board will meet in a joint session on April 5th beginning at 5:30PM in Jasper City Hall.

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