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HomeMy WebLinkAboutReporter Bond Special Oct 08© City of Georgetown, 2008 VOL. 6 • NO. 10BE A Publication of the City of Georgetown SPECIAL BOND ELECTION 2008 Authorization to issue up to $46 million in bonds for street and road projects Road and Parks Bond Election Two bond propositions will be on the November 4 ballot for City of Georgetown voters. In August, the City Council voted to put these two items on the ballot: Proposition 1: Road Bonds Early Voting Oct. 20 – 31 Georgetown early voting locations: Parks & Recreation Admin, 1101 N. College Street Sun City Social Center, 2 Texas Drive Williamson County Inner Loop Annex,301 SE Inner Loop Georgetown ISD Admin, 603 Lakeway Drive (Oct. 23 – 25 and Oct. 29 – 31 only for GISD admin location) Vote by precinct on November 4 Election Day: November 4 Details at:bonds.georgetown.org The Georgetown City Reporter is a publication of the City of Georgetown PublicInformation Office located in City Hall, 113E. Eighth Street, Georgetown, Texas, 78626. For questions or comments, contact KeithHutchinson, Public Information Officer for the City of Georgetown at (512) 930-3690, or by email at pio@georgetowntx.org. DB WOO D RD WILL I A M S D R HEB DB Wood RdAddition of TrafficLanes at Intersection FM 1460:This project would provide funding for the widen- ing of Farm-to-Market Road 1460 to four lanes in the 1.9-mile portion of the road that is in the City. DB Wood Road:This project would provide funds to add traffic lanes to DB Wood Road near the Williams Drive intersection by HEB. SH 29 Routing Study:The City is partnering with Williamson County to develop route alternatives for a future SH 29 Bypass. SE 1:This project would provide a portion of funding for Southeast Arterial 1, which is a proposed two-lane connector road between SE Inner Loop and the 130 Toll Road. Other funding sources for SE1 include Williamson County and the City’s 0.5 percent 4B sales tax associated with the Georgetown Transportation Enhancement Corporation (GTEC). Berry Creek Drive:This project would fund the widening of Berry Creek Drive in the 0.7-mile segment from Airport Road to SH 195. FM 971:This project would provide funds to widen Farm-to-Market Road 971 to four lanes in the 2.2-mile segment from Austin Avenue to the 130 Toll Road. Background:Earlier this year, the Georgetown Transportation Advisory Board (GTAB) recom- mended a number of road projects for possible funding with City bonds. Road Projects Bond election and voting information is available at bonds.georgetown.org Proposition 2: Parks and Recreation Bonds Conceptual rendering of entrance to Garey Park in master plan. issued. In that year, the propertytax rate increased 2.1 cents. All ofthe bonds from the 2004 electionhave now been issued, and all the2004 bonds are now included inthe current tax rate. Prior to the2004 bond election, the CityCouncil committed to a maximumimpact of no more than 4 cents ina single year, and a cumulativeincrease of no more than 8 centsat the time of issuance of anyseries of 2008 voter-approvedbonds. Authorization:Approval of thebond propositions would give theCity the authorization to issue thebonds, but it would not obligatethe City to issue them. The finaldecision to issue any bonds wouldbe determined by the CityCouncil. Estimates:The total cost foreach bond proposition is based onestimated costs for the proposedprojects and includes bondissuance costs. Project scope orcosts could change. Legal Statement:The CityCouncil is establishing targets fortax rate increases due to theissuance of bonds set forth inPropositions 1 and 2. Suchincreases would apply at the timeof issuance of these bonds.However, after issuance of thebonds and pursuant to state law,the City will be required to levyad valorem taxes, within the limitsprescribed by state law, to pay theprincipal and interest on thebonds. 10 – 15 years:If approved by thevoters, bonds for these projectscould be issued in multiple seriesover a 10 to 15 year period, orlonger. This means that, in effect,the City can take out loans to payfor these projects, and the loansmust be paid back by Georgetowntaxpayers. Maximum impact: The CityCouncil established guidelinesallowing a 3-cent maximum proper-ty tax rate increase in any singleyear, with a targeted cumulativemaximum increase of no more than8 cents at the time of issuance ofany series of 2008 voter-approvedbonds. The 8-cent maximum is onlyfor the debt portion of the City’sproperty tax rate associated with theproposed 2008 bond issuances. Thedebt portion of the 2008/2009 fis-cal year tax rate is 15.569 cents.(See the Legal Statement below.) 65-or-over or disabled:If yourCity property taxes are frozenbecause you are 65-or-over or dis-abled, passage of the bonds will notincrease your City property tax pay-ment. Effect of 2004 bonds forlibrary, Community Center,and Recreation Center:Theproperty tax rate in 2004 was 34.6cents. The property tax rate for the2009 fiscal year is 35.6, which is anincrease of about 1 cent over fiveyears. The maximum single-yearincrease was in 2007 when thebonds for the new library were Property Tax Impact Increase in Annual Taxes Paid (based on value of home or property)Home of anyIncrease in $100,000 $200,000 $300,000 value withProperty Tax*home home home frozen taxes** 1 cent $10 $20 $30 $0 3 cents $30 $60 $90 $0 5 cents $50 $100 $150 $0 8 cents $80 $160 $240 $0 * Property tax rates are based on a rate per $100 of property value. The City property tax rate for the 2008/2009 fiscal year is 35.622 cents.** Homeowners who are 65-or-older or disabled with frozen property taxes will notbe subject to property tax increases as a result of voter approval for bond items. Authorization to issue up to $35.5 million in bonds for parks and recreation projects Background:In June, the Parks Advisory Board made a recommen- dation to the City Council for pos- sible future parks and recreation projects. The recommendation was based on input to the Parks Master Plan through an online survey, a telephone survey, a survey sent to Georgetown ISD students, and public meetings. Garey Park Development: This item would provide $10 million in set-aside funding for the future development of a master-planned park. In 2004, Jack and Cammy Garey announced that they were donating their 525-acre ranch, including their estate home, to the City of Georgetown to become a future City park. Their gift also includes a $5 million donation for park development costs, to be matched with $5 mil- lion in other funding. Located west of Interstate 35 on RR 2243, Garey Park would be four times larger than San Gabriel Park. In 2006, the City worked with the Gareys and held public meetings to develop a master plan for the development of Garey Park. The master plan pro- poses a 525-acre park with camp- ing areas, an equestrian arena, an outdoor amphitheater, hiking trails, day-use areas, and the Garey House as an event center. San Gabriel Park Improvements and Amphitheater:This item would fund improvements to San Gabriel Park, including an out- door amphitheater that could be used for performances, festivals, or other special events. Hike and Bike Trails:This item would provide funding for new hike and bike trails. Parkland or Preserves:This item would fund the purchase of land for parks or preserves. Possible areas include land that would serve as a buffer around existing or future parkland, sensi- tive areas such as natural springs or habitat for endangered species, or land that connects other parcels of parkland. Westside Park and Sports Complex: This item would pro- vide funds for the purchase of parkland on the west side of Interstate 35 for active recre- ation, including elements such as soccer fields, baseball fields, soft- ball fields, and football fields. Combined estimated cost for Prop 1 road projects and Prop 2 parks and recreation projects:$81.5 million Parks & Recreation Projects Conceptual rendering of idea for San Gabriel Park amphitheater and special events area. Your Tax Bill:Future property tax rates cannot be predicted, but this chart shows examples for illustration purposes. (Constant home value assumed.)