ONE MORE TRY AT THE TURF FUNDING ISSUE

HIGHLIGHTS OF THE FUNDING PLAN
* The length of the lease will be eight years between the Ingalls Field Group and the school district.
* The school district's commitment is $23,200 for seven years, with the Ingalls Field Group paying the school districts portion the last year. Taxes have NOT been raised.
* The College commitment is 250,000 plus interest for an eight year period
* The Ingalls Field group is going to pick up the balance, which will be around $360,000. The balance is backed by an irrevocable letter of credit from Johnson Bank. We will not be borrowing the entire amount. I would estimatethat we will borrow around $250,000-280,000.
* The city really has no financial obligation in this project
* When you start adding totals you are mixing budgeted amounts and commitments plus interest, so the totals are meaningless.
* Field Turf Financial is the source of funding for the project. The interest rate is not set yet, but will be approximately 4.8% for the District /College portion and 5.2 % for the Ingalls group.
* We have around $200,000 raised privately.
* Anyone who is saying the fundraisers did not sell all the raffle tickets for the GTO or are falling way behind on the fundraising are WRONG. I won't call them liars, but rather misguided.
* There are rumors that the project will exceed $1 million. I can swear on a stack of bibles that I am not aware of ANY cost overruns, and those people spreading the million dollar story are showing their true malicious side on this issue.
* I have supported the project because I believe it is a positive, long-term investment in our community. I support it as a private citizen. I have NEVER used my position as Mayor to push this project.

If you need more information, please contact Cris Johnson or Rick Ketter. I will be happy to provide emails or phone numbers to anyone who asks.