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You are tasked with calculating the property tax needed to fund construction and operation of a $22.5 million complex. The facilitys annual operating budget is

You are tasked with calculating the property tax needed to fund construction and operation of a $22.5 million complex. The facility's annual operating budget is forecast at $3.6 million, to be covered by revenues from programs offered at the facility. A 30 year general obligation bond with a rate of 5.5% will be issued to pay for the facilities construction cost. The net assessed value of property in the municipality is $725 million.

1. Calculate the additional mileage required to cover the project's debt service.

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