11/01/2024 | Press release | Distributed by Public on 11/01/2024 09:34
A WORD FROM WANDA
Election Day Approaching with Bonds for City Parks, Streets, and Sidewalks on Ballot
Election Day is Tuesday, November 5, and I wanted to take a moment to share some information related to two bonds that City of Durham residents have on their ballot this year.
On the back of the ballot for voters inside the city limits, there are two bond questions that will decide if the City can borrow up to $200 million to improve our streets, sidewalks, and parks.
We budget each year for improvements to be made, but there are times where additional funding is needed to complete these infrastructure projects. One option to help pay for these projects is by using bonds.
Bond funds are borrowed as needed for projects and repaid over time. This puts less stress on our annual budget.
Among the feedback we hear from residents is a desire for improved streets and sidewalks and upgrades to our parks. Those areas are being prioritized with these bond questions.
If the bonds are approved, the funding would go toward:
Streets and Sidewalks
Parks and Recreation
If both bonds pass, it could add 3.46 cents per $100 of assessed value to the City property tax rate starting in 2026 and dropping over the next 20 years. For a property valued at $300,000 inside the city limits, an increase of 3.46 cents would add about $104 to the annual tax bill (approximately $9 per month).
Early voting ends November 2. Election Day is November 5. Election details can be found on the Durham County Board of Elections' website.
- City Manager Wanda Page