Reading Mike McInallys editorial of Sept. 8, I wonder if using CARA money to build the new fire/police facility is not just another way to borrow money, which has to be repaid out of taxpayer's pockets.
If I understand CARA correctly, it borrows money to pay for the CARA projects and pays the loans off out of increased taxes. However, with public projects there is no increase in taxes and therefore the repayment of the loan has to come from general funds or income taxes assessed against taxpayers. Would love to hear corrections to my thinking.
Albany (sept. 9)
Editor's note: General fund money is not used to cover urban renewal indebtedness for public projects; the future increase in value of the taxable properties within an urban renewal district is what pays back money used for public facilities.