The negative economic impact to EISD, Travis County and the area residents will be significant.
One resident’s property appraisal was reduced by 27% for 2011, the majority of which was based on the possibility of the sports complex being constructed on the school property.
This resulted in a loss of value of $450,000 for this one property owner and a reduction in 2011 EISD taxes paid of $5,285 and of Travis County taxes paid of $1,482. A 10% loss in the taxable value of property located in the immediately affected neighborhoods would total over $33 million of lost value to our community.
At EISD’s current tax rate this would equate to a loss of taxes paid to the school district of approximately $400,000 per year. This amount far exceeds the $50,000 per year lease amount paid by WHLL to EISD. Additionally, taxes to Travis County would be reduced by approximately $160,000 per year.
As staggering as these numbers may be, they are indicative of the markets’ assessment of the overall negative impact to our community as a result of the proposed Sports Complex.