New Economy Initiative Logistics
Process & Timeline
This initiative will be completed in five years. Prompt action is called for to maximize Elyria’s benefit.
Issue 6 is a five-year temporary .5% income tax that generates approximately $8 million per year. This proposal is to ask Elyria voters to replace Issue 6 with a 25-year temporary .5% income tax. This will provide the capacity to take on large, long- term projects that can transform Elyria.
Annual debt service will be limited to $6.5 million reserving $1.5 million to be available in the event income tax revenue experiences a period of decline. The most likely scenario is that it will increase over time. In this case, the additional revenue will be used for additional projects in keeping with the initial plan.
Conceptually, during the first five years, $2 million of the $8 million annual revenue will be set aside to fund 5G high-speed Internet municipal utility and public transit start-up. The remaining $6 million annual revenue will fund the following:
Year 1: architectural planning and construction documents; land acquisition, primarily in the Downtown, but also obsolete properties along Cleveland Street, parts of Middle Avenue, and Midway to help these areas fulfill their value to Elyria; 5G fiberoptic Internet municipal utility planning begins
Year 2: public facilities specifics will be finalized, commercial partners recruited, 5G fiberoptic utility start-up capital allocated
Years 3 – 5: construction
Years 6 – 25: Debt payments are made and additional projects, in keeping with the initial plan, occur as revenue allows.
Community Engagement
During the Spring of 2024, the community decision-making process will begin with a series of community meetings. These brainstorming sessions will record all ideas offered by all participating Elyria community members.
Before the second series of meetings, costs will be assigned to all items offered for consideration. This material will be presented to the community for review.
At the second series of meetings, participants will recommend which projects will be pursued and presented for voter approval.
Management & Oversight
Elyria City Council will have legal oversight over the 25 years of this project. It will also be important to have a community Management & Oversight Board chosen by key stakeholders that reports to City Council and the community. Secondary areas of responsibility will include Cleveland Street, Middle Avenue south of Downtown, and Midway. Details of the Board will need to be determined prior to voter approval.
A Special Improvement District (SID) will be established during the 5-year implementation period. Funds will be generated by the property owners within the Downtown district and used for capital maintenance of the public right-of-way, snow removal, litter control, decorations, dedicated police presence, parking, promotion, transportation, entertainment, and management of the district.