Voters in Corsica to consider bonds for project in April voteCORSICA — Residents in Corsica will decide April 10 whether to approve sales tax bonds for a $1.72 million street and drainage project.
By: Anna Jauhola, The Daily Republic
CORSICA — Residents in Corsica will decide April 10 whether to approve sales tax bonds for a $1.72 million street and drainage project.
The City Council voted the measure to the ballot during a February meeting.
To pass the measure, the people of Corsica must vote 50 percent plus one in favor of approving the bonds.
A vote in favor of the bonds will bring the city a maximum of $1.786 million in financing, which would cover the proposed project cost, said Dick Brink, mayor.
According to City Council minutes from February, the council doesn’t want to raise property taxes by 7 percent to pay for the project, so the tax bonds are the most viable option.
The city would pay $105,000 annually over no more than 21 years to pay off the bonds.
Brink said the project is necessary to update the aging drainage system and streets. The city has applied for a Community Development Block Grant and has a few other funding options in the works.
Should the residents vote down the bond measure, the city will have to go back to the drawing board in funding the project, Brink said.