Why NOT the sales tax?
Why not the hotel tax?
Hotel first - Chap 10 NSS
" It is possible that the City of Wilmingtoncould raise its occupancy tax from three (3) percent to six (6) percent, whichcould generate approximately $2.3 million in annual incremental tax revenues. In order to increase the room occupancy tax, it would require approval of the General Assembly.
Based on 20‐year bonds and a taxable interest rate of 4.0 percent, a three (3) percent increase in the City occupancy tax could fund up to $31 million in ballpark development costs.
It should be noted that a three (3) percent increase in the occupancy tax would result in a nine (9) percent occupancy tax in the City of Wilmington, which would make it the highest in the state."
This tells that:
A - They talked to the hotels and the said not just no, but HELL NO.
B - they need a quick resolution without the Gen Assembly being involved so "Lets pull one over on the property taxpayers". Remember it was the General Assembly that stopped annexation. Saffo did not want to get slapped around again.
Sales Tax? Again Chp 10 NSS:
The City of Wilmington does not have the authority to change the current sales tax distribution or how much money it receives. The City of Wilmington has included an initiative to amend LOST revenue distribution in its legislative agenda. The North Carolina General Assembly is the only other entity, beyond the county, that can change the distribution formula. Based on the City’s lack of control regarding the amount of LOST revenue it receives, the use of sales taxes to fund ballpark development is not likely."
The sales tax is a county or state tax. I don't think the city can do anything about it and again they need general assembly permission.
I am confused as to why all of the sudden they needed to speed this up, but it seems like this is becoming an all or nothing deal when in fact saying no could be the best thing for the city.
BTW I early voted today. Sorry Chuck I voted "NO". Much to the horror of my wife I yelled out in line "How many are voting AGAINST the stadium tax?" I counted 19 out of 24 people voting against. Looks like Civitas is holding up
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