Saving Brainerd Part 2: What'll It Cost?

If restoring the Brainerd Building into an arts community center were free, everyone would approve it. Unfortunately, we live in the real world, where everything costs. Perhaps the biggest question we are asked is: "What would such a renovation cost?" Well, it ain't cheap. But it's worth it.

The estimated contractor costs to fully restore the building and make it occupancy-ready is $6.75 million. However, the spring (March 18) referendum will ask voters to support the Village issuing bonds for the restoration, in the amount of $8 million. Why the difference? Well, District 128 owns the building, and is leasing it to the Village for $50,000 a year. The additional $1.25 million is to be placed in an interest-bearing account to ensure that that payment will be made each year.

What does this mean to you, the taxpayer? The tax increase will be approximately $80 per $300,000 of property value. Again, it ain't cheap. But to have a centrally-located center for all ages to enjoy music, theater, and visual arts and education, a center that will add value to the community and bring in visitors who will patronize our local businesses is certainly worth it!

Next: What are the benefits?