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The Town of Vail on Thursday issued the following press release on a Nov. 2 ballot question on a half-cent sales tax to fund housing initiatives:
Voters in Vail will be asked to consider a half-cent sales tax to specifically fund housing initiatives during the Nov. 2 election which will be coordinated with Eagle County. The Vail Town Council voted unanimously at its Aug. 17 meeting to place the taxing measure on the ballot.
At the direction of the Town Council, Ballot Issue No. 1 exempts collecting the increased sales tax rate on food for home consumption and contains a 30-year sunset provision which will allow for future bonding when interest rates are favorable.
An increase in Vail’s sales tax from the current 4% to 4.5% would generate approximately $4.3 million annually and would be used exclusively for housing initiatives, housing developments and housing programs and related activities inside and outside the town.
The town is required to certify the ballot questions to the Eagle County Clerk and Recorder’s Office no later than Sept. 3 for the coordinated election which will be a mail ballot. Voters will also elect four members to the Vail Town Council.
The decision to place the taxing measure on the ballot follows an independent voter opinion survey which showed favorable support to tax both residents and guests to help address the housing crisis. A separate ballot question to increase the promotion and lodging tax administered by the Vail Local Marketing District was probed in the survey and received less favorable support. Council members agreed to revisit the district’s year-round marketing strategies as a future tax initiative after completion of a Sustainable Destination Marketing Plan in 2022.
The ballot wording for the half-cent sales tax measure will appear as follows:
Ballot Issue No. 1
SHALL TOWN OF VAIL TAXES BE INCREASED $4,300,000 IN THE FIRST FISCAL YEAR AND BY WHATEVER AMOUNTS ARE RAISED ANNUALLY THEREAFTER, BY AN INCREASE OF 0.5% IN THE TOWN’S EXISTING SALES TAX (FROM 4.0% TO 4.5%), TO TAKE EFFECT ON JANUARY 1, 2022 AND TO TERMINATE ON DECEMBER 31, 2052; EXCEPT THAT FOOD FOR HOME CONSUMPTION SHALL BE EXEMPT FROM SUCH TAX INCREASE; WITH THE REVENUES FROM SUCH TAX INCREASE TO BE USED TO FUND HOUSING INITIATIVES, HOUSING DEVELOPMENTS AND HOUSING PROGRAMS AND RELATED ACTIVITIES INSIDE AND OUTSIDE THE TOWN; AND SHALL THE REVENUES FROM SUCH TAX INCREASE AND ANY INVESTMENT EARNINGS THEREON BE COLLECTED AND SPENT BY THE TOWN FOR THE ABOVE-STATED PURPOSES AS A VOTER-APPROVED REVENUE CHANGE, WITHOUT REGARD TO ANY SPENDING, REVENUE-RAISING OR OTHER LIMITATION CONTAINED IN ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?
Yes ___ No ___
For voter registration information, visit www.govotecolorado.com.