Editorial: Bond Debt Seems Foolish in Uncertain Economic Conditions

Photo provided by Conversation Civic Center

By Thomas Warren III, Editor-in-Chief

I have been watching the Amarillo Civic Center Complex bond issue’s progression over the past few months, and have witnessed the Amarillo City Council’s apparent willingness to trek forward with a bond election in the middle of an uncertain economic climate due to COVID-19. While the Amarillo City Council appears set to place some type of bond on the ballot, which could change from the original proposal postponed from the May election, I do think it is worth pointing out the foolishness in pushing forward with such a major bond election in the middle of such a difficult economic situation.

Thanks to the COVID-19 pandemic and subsequent government shutdowns of certain industries, many taxpayers are in a different place than they were even six months ago. Many of us know someone who has lost their job or lost income due to the pandemic. However, it seems these very real economic crises in the lives of ordinary citizens are not being accounted for when the Amarillo City Council chooses to push forward with a massive bond election for the November 2020 ballot.

The bond election for the Amarillo Civic Center Complex, in its current form, would fund the lion’s share of what has been forecasted as a $319 million project. While the item is being promoted as being for the Amarillo Civic Center, it will in fact, fund several other downtown projects, including the creation of a park downtown, the relocation of City Hall, renovations to the Santa Fe Depot, and more.

I think many people will agree there has long been a desire to see something happen with the Amarillo Civic Center, as far as an expansion of seating in various venues, in a way that makes sense from an economic point of view. In fact, many citizens have said they would have preferred to see such a project taken up before the Amarillo City Council pushed forward with the project to build a ballpark downtown. I do not want to reignite the ballpark debate in this editorial, but it is worth mentioning the various considerations citizens have placed on a Civic Center expansion/reconstruction project in the past.

However, while the discussion about a new arena or complex expansion has been ongoing, what is concerning now is the Amarillo City Council’s willingness to push the project in the middle of what could be a global recession. Because many people are out of work or short on income, this should not be the time to promote an additional debt acquisition to residents. While many people may not think government debt affects them personally, it will affect them by way of increasing tax bills.

It sounds like there is still some time left on the clock before the Amarillo City Council has to finalize the November ballot. If the item goes on the ballot, then citizens will have to make their own determinations on whether, in the middle of an uncertain economic climate, approving a major debt acquisition and tax hike is a wise proposition. I don’t believe it is, but citizens will have to make that determination. However, my hope is the Amarillo City Council will consider tabling this election until a time when it would be more feasible from an economic standpoint to consider such a risky financial proposition.

My recommendation to the Amarillo City Council is to stop this election and wait until Amarillo is in a better economic climate to consider this vote. At this point, I do not think it makes sense from the City Council’s standpoint or from the taxpayer’s standpoint to rush this election to the November ballot in the middle of an unprecedented economic situation such as the one we face today.