Vote YES on May 4
Save the Fairfield Arts and Convention Center
No New Taxes will be levied.
The multi-use facility is currently valued at over $10 million.
The city has already invested $1.4 million taxpayer dollars in FACC.
FACC has already brought an estimated $3 million out-of-town dollars
into the community in just two years.
The city is in a position to become the sole owner of the facility,
free and clear. Here's how:
- $950,000 has already been raised from private donors.
- $650,000 more is needed and can be made available from a city bond.
- The bond will be repaid using 12.5% of the existing local option sales tax.
Each of us already pays the local option sales tax whenever we buy
goods and services in Jefferson County - no new taxes will be levied.
If voters approve this plan: Iowa State Bank will release the
mortgage it now holds on the facility, and the city of Fairfield will
become sole owner of the FACC.
If the vote fails: The facility will sit empty while it goes through
the process of foreclosure or bankruptcy. Fairfield will lose its
investment and a third party will gain a windfall. There is no
guarantee the facility will end up in local hands or continue to
serve the community.
Vote YES
Vote YES May 4
For Community, Culture and Common Sense
FACC's financial projections have been thoroughly analyzed by the
Fairfield Economic and Development Association and the Fairfield
Chamber of Commerce. Both agree that its business plan is "reasonable
and likely" to keep the facility in the black. In fact, FEDA is so
confident in FACC's ability to succeed that it has donated $100,000
to the city's efforts to acquire the facility.
Local Option Sales Tax is an existing sales tax. Each of us is
already paying it whenever we buy goods and services in Jefferson
County. Most of the tax revenue goes to cover municipal expenditures,
such as street repairs and equipment for the fire department, and it
will continue to be used for these purposes. However, 25% of the
revenue is designated for general community betterment. In recent
years this has gone largely to the trail system and the little league
fields. These projects are almost finished. It is now proposed that
12.5% of the Local Option Sales Tax be used to pay off a city bond
that will enable Fairfield to buy the FACC outright. That's half of
the funds already allocated to overall community development. There
has been a significant increase in county revenues that should offset
any loss to other betterment projects.
For more information, or to answer any questions, please contact:
fairfieldcenterinfo.com.
