Financial Wisdom for Sunnyvale Taxpayers? – Letter to the Editor

I’ve heard arguments about what taxpayers will pay to build a new Sunnyvale Civic Center. I called the city manager but got no response within 24 hours. This is what I understand. Currently there is $130 million in a building fund. But $150 million must be borrowed and repaid with interest. My guess as to interest payments is $72 to $90 million. So $222 to $240 million plus cost overruns will have to be paid from the general fund, which is designed for normal city operations. Is it wise to incur that expense when the pandemic will reduce city income for the foreseeable future? It does mean either city services must be cut or taxes and fees will be increased. Or both. I think the financial wisdom of going into that much debt now is a topic worth citywide debate, including hearing the views of Sunnyvale mayor and council candidates.

 

Regards,

Robert Hoop

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