Basic Information on the upcoming Election for the DDA

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QUESTION OF THE WEEK - BALLOT ISSUES FOR THE NDDA DISTRICT 

The upcoming April Election will have a special election for the constituents of the NDDA.  The questions before them are:

1. ISSUE A - AN INCREASE IN TAXES IN THE DISTRICT OF 5.00 MILLS FOR THE NEXT 7 YEARS......

1. ISSUE B -SHALL THE TOWN OF NEDERLAND DEBT BE INCREASED  $915,598 WITH A REPAYMENT COST OF $1,325,000.

Both these questions will determine the course of the NDDA for the next year or so.  If the voters decide not to approve either one, they could still be put on the ballot in the November elections, if approved by the new Board of Trustees.

What is ISSUE  A?  This is a continuation of a tax that was approved in 2005, when the District was originally formed.  It is paid by the commercial businesses and property owners.  The Town has estimated that approximately $26,723 will be collected each year.  This money must be used by the DDA for operating expenses, which could include maintenance of the new Phase 1 sidewalks, continuation of having an Executive Director, or small projects within the District.  How exactly this money would be spent will depend on who is going to be on the new Authority Board.  

What is the impact of ISSUE B?  This debt authorization is for a Plan of Development that was approved by the Board of Trustees in August of 2007.  This plan was called the Strategic Master Plan and included Phase I and II of the sidewalks, as well as Riverwalk, an enhanced Sidewalk Design and more.  A copy of the Plan can be found on the DDA website http://www.neddda.org/dda_strategic_master_plan.pdf.

 The second part of the authorization is for “master planning, beautification and enhancement of the Downtown area.” These plans are to be determined by the new Board of the NDDA with approval of the BoT after the elections.

This debt authorization will be paid by Tax Incremental Finance against selected properties in the District.  The borrowing may come from a bond issue, intragovernmental loans, such as the water fund,  or bank loans. The exact amount of loans and term will be determined by the members of the Authority Board and the Board of Trustees.

On election day, the voters of the NDDA District are being asked to vote for increasing the Town debt and extending an increase in taxes. Their decision must be made  without a clear indication of who will be on the NDDA Authority, who will be on the Board of Directors or who will be the mayor.