The bond referendums that would provide $25.1 million to build more greenways, develop the next phases of Joyner Park and the Northern Wake Senior Center, pay for needed traffic signals and undertake a number of street and road projects has been delayed from May to November of this year in order to meet all the statutory requirements.
It will also mean, as Finance Director Aileen Staples pointed out, a higher voter turnout with, it is hoped, more voters who want to see the improvements.
The bonds were the top topic when Mayor Vivian Jones, the five town commissioners, Town Manager Mark Williams and all department heads met Thursday afternoon to start the board’s annual planning retreat.
The list of projects are going to cost $56.6 million but the grants the town has received for a number of the projects cuts the town cost to $25.1 million.
The town commissioners will hold a public hearing about the bonds on July 15 and at that time are also expected to finally approve all the bond projects.
Voters will probably see two questions on the referendum ballot, one for parks and greenways with an $18.8 million price tag and one for transportation projects, streets and sidewalks, that will cost $6.3 million. When all the greenway projects on the bond list are complete, the town will be close to having all the greenways connected.
Even with the $25.1 million debt, Staples said the town would only have to raise taxes by less than two cents, 1.85 cents, to pay the debt service. She also said the town’s debt is still under 1 percent of its tax base while state statute allows up to 8%. With continued growth – Staples and Williams estimate tax base growth at 1 to 2 percent for the bond calculations while actual growth has been much more – there would be no need to raise taxes.
“We’ve been very conservative,” Staples said. ‘In the nineties and in 2005 we gave the voters the scenario and we didn’t have to raise taxes.”
Commissioner Margaret Stinnett asked, “What if you go ahead and the economy tanks. “Then we have to raise taxes three cents?”
“If things are that bad, we would wait for the projects. We don’t have to sell the bonds. We are not going to sell the bonds unless we are certain about the ability to pay for them,” Williams said.
“What amount of reductions would it take to take that two cents to zero?” Commissioner Zachary Donahue asked. There was no immediate answer.
The board agreed they will face pressure from the Wake Forest Fire Department to provide funds to build the new fire station on Jenkins Road. Currently the town allocates 10 cents of the 51-cent property tax rate for the fire department and also collects a fire impact fee on all new construction that can only be used for capital improvements such as a station. The fund from that fee is now about $1.2 million.
The greenway and park projects are listed below with the referendum amount first, the total project amount next. The “shovel-ready” projects, those with complete plans and funding in place, are noted by an extra *. If voters approve the bonds, the town could sell those bonds in December to get work underway.
** Smith and Sanford Creek Greenway, $685,000, $3,007,000
** Smith Creek Greenway Phase II, $515,000, $2,681,500
** Dunn Creek Greenway Phase II, $491,000, $857,000
* Joyner Park Phase IIA, $6,100,000, $6,100,000
* Senior Center Expansion Phase II, $1,550,000, $3,100,000
* Joyner Park Phase IIB, $5,000,000, $5,000,000
* Dunn Creek Greenway Phase III, $392,000, $1,960,000
* Greenway and park signage, $360,000, $360,000
* Reservoir Soft Trail Phase I, $350,000, $350,000
* Joyner Park Soft Trail, Phase I, $417,000, $417,000
* Senior Center Expansion, $1,550,000, $1,550,000
* Greenway Park Connections, $500,000, $500,000
* Reservoir Soft Trail, $450,000, $450,000
* Dunn Creek Greenway Phase IV, $406,000, $2,030,000
The roadway and pedestrian corridor project are listed below.
** Ligon Mill Widening, $694,000, $2,400,000
** West Oak and Forestville Road Pedestrian Underpasses, $168,000, $168,000
** Traffic Signals, $90,000, $450,000
** Wait Avenue and West Oak Pedestrian Corridors, $325,000, $1,625,000
** Caddell Street Construction, $190,000, $500,000
* Stadium Drive/North Avenue Resurfacing, $440,000, $2,198,000
* Harris Road Roundabout, $225,000, $1,273,000
* Ligon Mill Road Pedestrian Underpass, $200,000, $200,000
* Rogers Road Widening, $280,000, $1,384,000
* Northside Loop, $2,800,000, $14,000,000
* Durham Road Pedestrian Corridor, $800,000, $4,000,000
