Posted: Dec 21, 2012 9:09 AM
Source: Associated Press
LAFAYETTE - The State Bond Commission has voted to approve an April 6 vote in the city of Lafayette on a property tax increase to support the struggling Parks and Recreation Department.
The department stands to gain an estimated $6.5 million annually if voters approve the measure, which would replace an existing 1.92-mill property tax with a new 7-mill property tax.
The net gain of $6.5 million would not only replace the nearly $4 million annual general fund subsidy that keeps the department afloat, but it would also provide enough money to keep the city's parks and recreation facilities in better condition in order to avoid more costly repairs down the road.
The bond commission approved the April election on Thursday.