b'CITY NEWSPROJECT FUNDINGTo move this project forward, the city is now in the process of securing the project financing. The current funding planWhat are some benefitsis as follows: to having a new building/Civic Center?Voter Approved Bond $ 15,000,000 The aim is to provide programs and services for City Funds (REET & $ 3,000,000 everyone of all ages to enjoy. Various Cost Savings) In this new space there are Private Donations $ 5,000,000 possibilities to run dynamic programs ranging from health Grants $ 2,000,000 and fitness, education, arts, cultural events and more. Project Total $ 25,000,000ANNUAL COST OF THE BOND When do we vote on Prop 1?The vote happens onThe bond for this project will not exceed $15,000,000August 2, 2022.and will be repaid out of annual property tax levies over a period of up to 25 years. Repayment of this bond would come from excess property taxes levied on all properties in the city. While the calculation of this exact amount willWhy dont we put our City depend on interest rates and property values, the CityHall and City Offices onestimates the bond will create an additional levy tax rate of1st Avenue South?$0.508 per thousand dollars of assessed valuation. Currently, the City doesnt What does this mean? The annual property tax paid by theown property on 1st Ave and owner of a median-valued home ($755,000) would increasepurchasing it would increase by approximately $384 per year or $32 per month. Here arethe costs immensely. some additional examples of the bond cost:Important NoteWhen calculating the financial impact on your household, remember to use assessed value and notWill the current play market value. Here is a link to the King County Department ofequipment still be used or Assessments to view your current assessed value. stay in the same place?The playground equipment Assessed Value Annual Bond is not going away and will of Home Levy Costs be moved to a different location. Its new spot will be $500,000 $254 in the south-east corner of the $750,000 $381 current small soccer field. $1,000,000 $508 MORE INFORMATION: https://normandyparkwa.gov/ city-news/top-news/ CONTINUED NEXT PAGE civic-center-bond-information/NORMANDY PARK CITY SCENE|SUMMER 2022 17'