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 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 facilitys construction costs. The net assessed value of property in the municipality is $725 million.

1. Calculate the amount that must be set aside each year to meet the bonds principal and interest obligations over 30 years.

2. Calculate the additional millage required to cover the projects debt service.

3. For an owner of property with a total assessed value of $15,000, by how much will his/her property tax increase?