The Woodward News

Local News

December 4, 2012

Cost of fairgrounds project estimated at $12.4 million



Although concerned about the increase in the projected price, the commissioners were comforted that, even at $12.4 million, financial advisors believe the project could be covered by only a half-cent sales tax increase.

Matthew Reichert, vice president the Norman-based financial services firm of Stephen H. McDonald & Associates, Inc., said that based on the $12.4 million estimate, a half-cent sales tax increase could pay for the fairgrounds project within 13 years.

Reichert said that 13 years was being "very conservative" and noted that "you could get it paid off, assuming you continue to collect what you're collecting now, in slightly under 11 years."  He noted that was based on a 10-year historical review of sales tax collections in the county, "and largely weighted on what you've done in the last 3 years and then using those to push out for the next 11 to 13 years."

Once the bonds for the construction project are repaid, he said, "the half-cent drops to just a tenth of a cent."  This ongoing tenth of a cent tax would be used to generate revenue, at around $250,000 a year, to pay for maintenance of the new fairgrounds complex, he said.

Reichert said he will present the commission with a resolution outlining the specifics of the sales-tax increase at their next meeting in order to meet the Dec. 13 deadline to have the matter included on a Feb. 12, 2013 election ballot.

However, he spoke with commissioners this week to establish whether they were comfortable with setting the $12.4 million price estimate "as a ceiling" since he needed to be able to include an upper cost limit in the election resolution.

While noting that "we still have questions we need to ask the architect" about the cots, the county commissioners all said they believed it was "fair" to include the $12.4 million figure in the election resolution as the maximum price for the project.

"What's important is to finance what the actual cost will be because we don't want to have to try and come up with extra money later or cut back on what we thought the project would be," Roedell said.

Roedell also told The News that he was "pleased that he (Reichert) thought a half-cent would cover the project.  That's the figure that we've heard tossed around and what we thought would be adequate."

Reichert also sought to comfort the commissioners even more by saying that even with a half-cent sales tax increase "you won't be pricing yourselves out of the region."

Woodward County's current sales tax is set at 0.825 cents, which would increase to 1.325 cents if the half-cent increase is passed by voters, Reichert said.

However, he said that several area counties have higher sales taxes, charging the maximum 2 cent sales tax, including Alfalfa, Beaver, Ellis and Harper counties.  A few counties have lower rates, including Woods County at . 5 cents and Major County at .25 cents.  At a 1-cent rate, Texas County has the closest sales tax rate to Woodward County.

Text Only
Local News
  • Enrollment dates set for schools

    With school quickly approaching, it is time to get your enrollment information in and Woodward Public Schools have set their enrollment and other key dates.

    July 30, 2014

  • Marijuana petition attracting signatures

    OKLAHOMA CITY — Medical marijuana may be the state’s newest gateway drug — to voting.

    July 30, 2014

  • Glow run scheduled in Alva

    ALVA--A popular new trend in running is coming to Woods County.

    July 30, 2014

  • Boy, 7, drowns in weekend accident

    A seven-year-old boy died over the weekend when he fell into a swimming pool at a private residence in the Wheatridge addition, according to Woodward police reports.

    July 29, 2014

  • Commission OKs grader financing

    Monday morning in their weekly meeting, Woodward County Commissioners approved the financing on a new John Deere motor grader and discussed in detail the upcoming County Officers and Deputies Association meeting the county will host this October.

    July 29, 2014

  • Deal reached to improve veterans' health care

    WASHINGTON (AP) — A bipartisan deal announced Monday would authorize about $17 billion to help veterans avoid long waits for health care, hire more doctors and nurses to treat veterans and make it easier to fire executives at the Department of Veterans Affairs.

    July 29, 2014

  • Western Plains sets school supplies drive

     As the beginning of the school year approaches, so does the need for new school supplies.

    July 29, 2014

  • Area woman recovering from West Nile

    It wasn’t too many years ago when West Nile Virus was a scary word everyone hoped never happened to them and most of the time, that was true.

    July 27, 2014

  • Dedication set for art pieces

    Woodward’s collection of public art pieces will grow by two this week.

    July 27, 2014

  • ‘Support YOUR Cause Tour’ making stop in Woodward

    A musician is looking to raise $5,000 at an upcoming local concert.
    But Scott Helmer isn't raising the money for himself.  He is hoping to collect money to help support the Woodward Arts Theatre.

    July 26, 2014