Detroit, eighteenth largest city in the USA, has just declared bankruptcy. Gone bust, flat-out broke!
The Creedmoor 'Ommissioners seem to want to take Creedmoor down that same financially irresponsible road with the proposed Hester Road sewage plant.
Here's the arithmetic The 'Ommissioners haven't shown you.
Cost of the sewage plant:
$27.4 million, financed with a 3.5% fixed-rate, 40-year loan from USDA
which means that with interest, the total cost of the sewage plant to the citizens of Creedmoor will be about $51 million which translates to a loan payment of about $100,000 per month.
According to The Mayor, we have 4,200 folks living in Creedmoor with about 2,000 using City water and sewer. So, that $100,000 monthly payment gets divided equally among the current 2,000 Creedmoor users. Works out to be about $50 more per month, or over $600 more per year for sewer and water you already have!
Can you afford this?
Got an extra $600 just laying around?
If we can’t afford to repay the loan, why are we building this unnecessary sewage plant?
Always wanted to live in “Detroit”, how 'bout you?
Something Stinks in Creedmoor!