KDSN RADIO News
Denison Moves to Bridge Wellness Center Fundraising Shortfall, Levy Rate Not Expected to Rise
Denison city officials are moving forward with a plan to help cover a temporary fundraising shortfall for the Crawford County Wellness Center, with City Council Member Jennifer Smith stressing the move is not expected to increase the city’s levy rate.
Smith said the city recently received updated bond guidance from bond counsel at D.A. Davidson, indicating that adding $650,000 to the city’s bond package to cover an interim gap in fundraising can be absorbed within Denison’s current debt structure.
“Based upon the way the city’s debt is managed, adding $650,000.00 to help cover an interim shortfall in fundraising for the wellness center will not raise our levy rates because we have other debts from past projects falling off,” Smith said.
Smith added the adjustment will not result in lower taxes, but it also is not expected to increase them.
Meanwhile, the wellness center fundraising committee continues working to close the gap and is actively pursuing additional funding sources. Smith said several leads remain promising, including a $200,000 matching campaign currently underway from an anonymous donor.
Smith also emphasized the overall financial impact to the city remains limited compared to the total investment in the project.
“At the end of the day, the city will be the owner of a nearly $17 million dollar facility with very little of the city’s own money invested,” she said.
According to Smith, the wellness center project remains on schedule and under budget.
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