Mayor's Blog
To help our citizens be informed about the Library referendum on November 8,
I present the following:
What is the proposed Jasper Cultural Center? – The Jasper Cultural Center will be the new home for the Jasper Public Library combined with Jasper Community Arts education, studios and galleries. It will replace the existing building on the site of the old Hoosier Desk property at 3rd Avenue & Mill Street. Each entity will have a wing along with more than 8,000 square feet of shared space. A private developer, City Properties Group of Louisville, is evaluating the potential for loft apartments at the site. Millions of dollars have already been raised for the project from a funding partnership involving local residents, businesses and the State of Indiana.
Estimated construction costs: $16,800,000
State of Indiana Tax Credits1 $3,400,000 1Assumption of dollar for dollar
Jim & Pat Thyen private gift $1,700,000
Jasper LEADs private donations $1,700,000
City of Jasper EDIT bond2 $3,500,000 2 A maximum bond amount is projected to be $5.0M with up to $3.5M dedicated to the Jasper Cultural Center.
Jasper Public Library tax bond3 $6,500,000 3Involves a property tax increase. The library bond amount will be reduced by the private funds directed from the Jasper LEADs community fund drive.
Balance $0 Jasper LEADs library pledges as of 9/30/16: $700,000
Let me get this straight – The state has already approved $3.4M in tax credits. YES. Another $3.4M is coming from the Thyen family and other private sources. YES. And the city is prepared to pay for the remaining portion by an EDIT bond just like the ballfields - without any property tax increase. Is that right? YES.
So the only tax increase for this project would be from the library and it will be about $2.70 a month or $32.00 a year (or less) for a median home owner for the next 15 years? YES.
Mayor Seitz
