Email to the Largo MayorWhat is it with the City Commission in the City of Largo, Florida? You can lay off workers, cancel other areas of interest, all because you cannot balance a budget. But for some unknown reason you can go out and borrow 10M dollars for a new community center and place the burden on the citizens of Largo, Florida. It's as if we don't have enough financial burdens now to contend with, but you have to add additional. You cried, screamed and whatever else to complain about not having enough revenue to make ends meet, but, when it comes to something that is not a pressing need in this down turned society, you vote it in. "Oh well, it isn't any money out of my wallet as such, we'll let the good ole citizens of Largo foot the bill." Yeah right, get a life Mr. and Mrs. Largo Commissioner and look at reality and spend our hard earned tax dollars in a responsible way. Most all you act as if money grows on trees and you wonder why big government needs to be reeled in. Well, take a look at yourselves and I think you will find your answer...It's out of control. Jordan (Danny) Willhoite
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Mr. Willhoite: I am writing in response to your e-mail regarding the funding of the new Community Center. The City will borrow $10 million at an interest rate of approximately 3.5% for the construction and furnishing of the new Community Center. Both principal and interest on the bank loan will be paid from the Local Option Sales Tax Fund within the ten-year period of the current Penny For Pinellas. No property taxes or other general revenues of the City will be used. A ten-year term for borrowing for construction of a building is very conservative; the average person has a home mortgage of fifteen to thirty years. Both interest rates and construction costs are at very low levels because of the current economy. Once the economy improves, the cost of construction will increase faster than the general inflation rate. Since we are able to borrow money at such a low rate, we are confident that it is less costly to borrow the money today and build at today's costs, than to save until we can pay cash at a future date at higher construction costs. If you have any questions regarding this art project or the overall Community Center project, please feel to contact me. Sincerely,
Patricia S. Gerard
Mayor
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