Multiplex Cost Calculator for City of Portage Residents
After waiting for weeks to receive confirmation from the City of Portage, they finally came through with a response. As expected we were bang on in our numbers.
Here is the numbers for an average business person and also an average residential property in the City of Portage
Please insert your own numbers to compare your own business or residence. In this example the business has an assessment of 300,000 with a 65% portioned assessment of 195,000
To repay the 10 Million dollar loan that will actually cost 16.5 million dollars with interest over 15 years, the City has indicated that the amount of the mill rate to be attributed to this is 4.032 per year.
195,000 X .004032 =786$ per year X 15 years =11,793$
________X .004032 =_________ per year X 15 years =__________$
To arrive at an actual number for the 6 million that will come from the general reserve is a little more difficult as some of the money has already been collected in past years and is sitting in the City reserves. This is money that taxpayers have already paid or are paying on their 2008 taxes The City has indicated that if the money was taxed at a one time lump sum amount , it would equal a mill rate of 22.034
195,000 X .022034 = 4296$ One time
______ X.022034 = ______$ One Time
The RM has indicated that the Operating Deficit for the new complex will be 1.2 Million per year. While they say that they are currently in negotiations to decide on the funding arrangements for this, let’s just assume that the City / RM split this on the 2/3 – 1/3 agreement. City taxpayers will be on the hook for 800,000 per year, which using 2008 numbers would equal a mill rate of 2.938
195,000 X .002938 = 573$ per year X 15 years =8,595$
______ X .002938 =______ $ per year X 15 years =______ $
Over the next 15 years this business will contribute 24,684$ to the multiplex.
Your Total _________________$
For a residences with an assessment of 100,000 and a 45% portioned assessment of 45,000.
45,000 X .004032 = 181$ per year X 15 years = 2721$
_______X .004032 = _______$ per year X 15 years = _______$
45,000 X .022034 = 991$ One time
_______ X .022034 = _______$ One time
45,000 X .002938 = 132$ per year X 15 years = 1983$
_______ X .002938 = _______$ per year X 15 years = _______$
Total of 5695$ for this residence over 15 years
Your Residence Total ____________$
This average business person will pay over 30,000$ in the first 15 years.
Your Total _________________$