I hope my fellow Lake Oswegans will consider three points before voting on Measure 3-295 to finance the West End Building. We should consider the community, financial impact and our personal legacy.
We, as a community after months of conversations, decided that we wanted to purchase the West End Building property. The decision to purchase the building rested in our hands. We had the opportunity to vote to force a sale but chose a different pathway. The conversation was thoughtful and all points of view were fully explored. At the end of the day we voted 55 percent in favor of purchasing the West End Building. The community made a collective judgment of my fellow citizens. As members of our community I hope we can all put aside past differences and support the refinancing of the West End Building and pass measure 3-295.
The second point to consider is the way we are being asked to finance the purchase of this property. This past week the Federal Reserve lowered the cost of funds for banks to a mere 2 percent. The time to finance this property could not come at a better time. We are not going to see fund rates in the 2 percent range for long. The rate we will pay for the property will be higher than the 2 percent but we will be helped by these great Federal Reserve rates. We should take advantage of our city's great bond rating and the very attractive Federal Reserve rates and lock in a mortgage now.
My third and last point is probably the most important point in my view. I ask all of us to look back 40, 50, or 60 years in time. How many of us lived in Lake Oswego in the l940s, l950s or l960s? The answer is not many. The legacy our forefathers left us, beautiful parks and schools, is truly one of the greatest gifts those generations and citizens could ever have given. We all enjoy the benefit of the sacrifices they made. The sacrifice and forward thinking of our forefathers is what makes this town so unique and special. We have the opportunity to do our part and refinance and pay for this heritage property for the next generation. Our children and grandchildren will look back and thank us for our sacrifice. Please join me in voting yes on Measure 3-295 for the betterment of our community. The refinancing will allow us to save money and give us a small personal legacy in this wonderful community.
Bob Barman is a resident of Lake Oswego.