I sent a FOIA request to Randall Eads Bristol City Manager for information on what outstanding debt the city has for the Falls and the Landfill. Mr. Eads reported back to me that between the City and the IDA the City owes 77 million dollars plus total for the City and IDA on the Falls.
The FOIA request revealed that the City is still in debt for 30 million plus on the landfill. The City seems to be in a much better position on the landfill now than in the past.
I asked City Councilman Micheal Pollard how he felt about the financial position of the City at this current time. Mr. Pollard replied: “Currently that he feels the City is in a good place financially but that it is not where he would like it to be.” He also stated that all loan payments are being made regularly and on the correct pace.”
The City Council has to be pleased with the Casino in getting the City back on a better track financially. The Casino helps in so many regards for revenue for the city government. There may be sales tax increases. The Casino real estate bill the value of the new facilities, brings much needed help, quite an increase for the City. The meals tax along with the lodging tax increases can only help. Not sure at the time of writing this if the City gets an event tax but if that is coming in as well they can only be happy with all the increases.
The City with a large increase in real estate property tax and the fact that they have some of the highest taxes in SWVA may finally pull the City out of great debt. The loss of so many businesses however does not help at a time when big payments instead of normal monthly payments is needed to make the City whole. If the City does get out of its major debt will if try to reduce the tax rate that is so hard on the taxpayers that live in the limits?
The question remains is there anything the City can do to try to stem the loss of the smaller businesses in City limits?
