The Marietta Daily Journal is tweeting out the details. They as you recall are the ones that scooped EVERYONE on this story Monday.
According to them, the financing from Cobb will look like this:
1) Existing Hotel/Motel Taxes from Cobb’s Portion: $940,000
2) Property Tax Revenue from General Fund (but no increase in millage rate): $8,670,000
3) A new 3% rental car tax to be approved by the Cobb County Commission: $400,000
4) Additional $3/night “special services fee” for Cumberland area hotels, $2,740,000
5) Cumberland “Special Services Tax District” additional property taxes (roughly the Cumberland CID) $5,150,000
If I’m doing my math correctly, that’s an annual taxpayer contribution of $17,900,000.
The AJC is reporting that Cobb’s contribution is worth $302M. That amount financed over 20 years at 2% muni-interest comes out to about $19.6M per year. So the numbers are “close”.
But go back into item number 2, as that is where opponents will focus. While not “increasing” Cobb County homeowners taxes, it will take less time than it did for me to write this post then it will for some Cobb residents to ask if there’s an extra $8.7 Million in Cobb’s general fund budget, why aren’t we cutting taxes rather than building a new home for the Braves.