City council tables vote on funding for Baileys Trail System

November 5, 2019

Article by Emily Krebs

City Council tabled a vote Monday for legislation that would financially support construction of the Baileys Trail System through a tax on rented rooms such as hotels, motels and bed-and-breakfasts.

The city was asked by Quantified Ventures — a Washington D.C.-based investment firm that’s managing the trail system’s financing — to pay $90,000 per year toward the project, with a potential increase after seven annual evaluations, at which time the firm will reassess the investment required by the city.

Councilmember Jeffery Risner, who initiated the motion and is also the sponsor of the legislation, said he wanted “more information on the financial burden to the city” before bringing the matter to a vote.

A third-party independent financial consultant will evaluate the financing plan for the trail system created by Quantified Ventures, he said. Mayor Steve Patterson confirmed that and said a prospective consultant may be available to evaluate the initiative.

The evaluation will likely be completed by the next full meeting of council in two weeks, Risner said.

The full article can be found here.