Blueprint 2000 takes a huge step towards its goal Tuesday. Blueprint 2000 is an intergovernmental agency formed by the city and the county, to basically improve parts of the county and city.
As of 11 a.m. Tuesday morning, Blueprint 2000 sold $70 million in bonds.
And even though they've sold bonds, they've actually borrowed money blueprint 2000 is 70 million dollars closer to its goals.
"We're borrowing money against...through revenue that starts in 2004,” says Blueprint 2000 Director Jim Davis.
Basically, that means Blueprint 2000 borrowed money, $70 million to be exact.
And the $70 million is being lent to Blueprint 2000 with the backing coming from sales tax, which will start to be collected in 2004 Blueprint 2000 is $70 million closer to its goals. The money is being borrowed now because of two reasons.
One, the price of land is steadily going up, two, interest rates are very low.
"$22 million will go right away to acquisition,” Davis says.
Blueprint 2000 was an initiative passed by the voters in November 2000. The goals are to make changes to Tallahassee, with things like widening parts of capital circle.
"These are projects that can't be funded by DOT,” says Dave Bright, Blueprint 2000 planning manager.
Everything will be paid in full the same the sales tax stops being collected and that is the year 2019.
wctv6.com Extended Web Coverage
History of Blueprint 2000 At the joint County/City Commission meeting of Sept. 6, 2000, Commissioners agreed to put the question of the extension of the existing penny sales tax on the Nov. 7, 2000 General Election ballot for the voters of Leon County to decide. This action culminated approximately two years of thorough consideration of the pros and cons of keeping the penny in place, which included funding a study conducted by Florida TaxWatch, rather than having it expire in 2004. On Nov. 7, 2000, voters approved the sales tax extension, to commence on Dec. 1, 2004, and extend until Nov. 30, 2019. A major emphasis and driving force of the sales tax extension was Blueprint 2000 & Beyond. Blueprint 2000 was developed by a group of citizens representing a broad spectrum of the community including business, environmental and neighborhood interests, called the Economic and Environmental Consensus Committee (EECC). Their guide to an effective and efficient infrastructure and natural resource management is the basis of the proposed sales tax extension with 80 percent of future sales tax proceeds being committed to Blueprint 2000 projects. The remaining 20 percent would be split 10 percent each to the County and the City for other high priority sales tax eligible projects.
Blueprint 2000 Projects Widening of Capital Circle NW from I-10 to Blountstown Highway
Widening of Capital Circle SE from Crawfordville Hwy to St. Augustine Road
Franklin Boulevard, Cascades Park, Old St. Augustine Branch reconstruction
Water Quality Program Funding-Phase I
Eastern Leon County groundwater and floodplain protection-Phase I
Lafayette Basin floodplain/greenway land acquisition
Widening of Capital Circle SW from Blountstown Hwy. to Springhill Road
Widening of Capital Circle SW from Springhill Road to Crawfordville Road
Source: http://www.salestaxupdate.com/citytlh/salestax/history.html (Tallahassee Sales Tax Update Web site) contributed to this report.