A new arena in Augusta would mean a new “tax” on city property owners.

The Coliseum Authority updating city leaders on the plans for a new James Brown Arena.

The cost now is 235 million dollars, that will be funded through bonds

In November there will be a referendum to approve a new tax to pay for those bonds.

The cost on a 100-thousand dollar home would be 97 dollars a year.

“A hundred thousand would be roughly 97. 200 thousand would roughly be 180,190 a year the whole year again we’re hoping that the citizens would look at and see the benefit of the economic value,” said Coliseum Authority Chairman Cedric Johnson.

Coliseum Authority members say they are exploring selling naming rights for the new arena, however any corporate name would -not -replace James Brown as the name.