Event Centre Funding Question For Council

During the open houses leading up to the referendum on borrowing $80,000,000.00 be sure to ask if your taxes will be going down by 5% if this referendum is defeated.

Question for Council
will our taxes go down if this is defeated?

If this $80,000,000 debt can be serviced at an annual cost of $5,377,260.00 without increasing property taxes, does that mean that if this is defeated by the taxpayer that the city could then apply the money to reducing our taxes by about 5% annually over the same period. It would seem that they could if they had the political will and it begs the question if we are not currently being overtaxed??