Talking cents about a wasteful bond

Kris Hunt of the Contra Costa Taxpayers Association gets in a dig on the W.C. City Council’s request for a $21 general obligation bond to pay for a 310-spot parking garage in Civic Park (oh, yeah, and a library). “There’s a concern when you don’t have a cost,” Hunt told the CC Times. I hope that’s not all she had to say. … There seems to be plenty of contention about all this bond baggage the Council’s foisting on the electorate, but most of the coverage has focused on the overwhelming support from the City’s electeds. (That family that stands to lose its home? Last graf in the stories.) … What nobody is saying is the god-honest truth that young families and first-time homebuyers are going to float most of the costs of this thing goes through in November. … When news accounts pin the average assessed value of a home in Walnut Creek at $300,000 – about $33 a year in bond costs under the GARAGE/library plan – that’s less than half the story. See, assessed values are linked to home sales. So when you go to buy your house in this market and have to sink $900,000 for a three-bedroom home where your kids can go safely go to public schools – you’ll be paying $100 bucks for the library bond. And you’ll be paying it so shoppers from San Francisco and Stockton can park in your downtown. …

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