Council debates 500-acre purchase, selling land and alternative revenue before raising taxes

Council members repeatedly returned to a recent 500-acre purchase as a principal driver of budgetary pressure and discussed selling all or part of the property, refinancing related debt, or using bond financing instead of an immediate tax hike.

"If you take that property and put it in a bucket all by itself...the city's budget is balanced, quite honestly," a councilmember said, arguing that land-sale proceeds or refinancing could reduce annual payments. Members cautioned, however, that land sales take time and require zoning and market preparation. One councilmember warned that while selling property "could" help, it may take a long time and require a detailed plan.

Members suggested holding workshops with the incoming finance director and financial advisers to examine options including timing for zoning, bond packages, and whether funds currently held for capital improvements could be reallocated to pay down debt. Chambers and staff were directed to explore those scenarios and report back with achievable timelines and legal constraints.