Council votes 4-1 to approve $260 million in tax anticipation notes for the Civic Center
The council approved $260 million in tax anticipation notes for a plan to add an arena, rehabilitate the Civic Center and restore the Santa Fe Depot. The City said the notes would raise the property tax rate from 44 cents to 57 cents per $100 of valuation.[1][2][3][4][5]
On May 24, 2022 the council voted 4-1 to approve $260 million in tax anticipation notes for the expansion and renovation of the Civic Center.[2][1][4]
Vote for
4
Vote against
1
Amount
$260,000,000
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City of Amarillo, as reported by NewsChannel10: The City said the notes would raise the property tax rate from 44 cents to 57 cents, about $9 more per month on a home appraised at $100,000.[1]
Rate before cents
44
Rate after cents
57
Monthly cost per 100k home
$9
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ABC7 Amarillo: ABC7 reported that Cole Stanley, mayor at the time of the 2023 appeals ruling, was on the council when the plan was approved over his objections.[5]
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Mayor Ginger Nelson: Mayor Ginger Nelson said the project would reduce the Civic Center operating subsidy and that acting quickly to lock in the current interest rate would save money: "The longer we wait, this problem just continues to grow in cost."[2]
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The sources reviewed for this thread do not report an official City statement explaining why tax anticipation notes were chosen instead of a new bond election; the reported official statements address the project's cost, timing and benefits.[1][2][3]
⚠ Sources differ
Accounts differ on whether the notes were sold.[6][7]
A June 2023 Bond Buyer article states that in 2022 Amarillo 'sold $260 million in TANs.'
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NewsChannel10 (KFDA): NewsChannel10 reported that council members who supported the plan hoped private partners would help pay costs, for example through naming rights.[3]