FAYETTEVILLE, N.C. (WTVD) -- Fayetteville's city council is holding a public hearing on a major bond package at City Hall on Monday night. Proponents of the package plan to use it to transform the city.
City officials say the bond package was drafted to implement the improvements that Fayetteville residents have been asking for for years. Those improvements have included better infrastructure that is more conducive for walking and biking, better public safety and more affordable housing.
Mayor Mitch Colvin said the city has plans for these items and that passing the bond package could make them a reality.
"We've done the legwork. Now, this is time to put the resources in place with the plans to execute," Colvin said.
The bonds would borrow up to $97 million to finance these projects. Pursuing this avenue would mean the city would seek funds through bond markets and investment dollars instead of borrowing money from banks and investment firms. Colvin said some of the projects this package would finance include the City Housing Plan, the Sidewalk and Mobility Plan and the Public Safety Assessment of 2020.
Colvin said that using bonds would provide the city with a cheaper rate, better terms and a longer repayment period than installment financing. If residents and city officials come out in support of the package, it would be adopted in 2023 and put into effect for the 2024 fiscal year. This is a move that would cost approximately $80 a year in property taxes for homeowners with the average home value. Supporters say that is a small price to pay to help the city move forward.
"It may take an additional penny or two on the tax rate, which all property owners-people who pay taxes in this community--will pay that debt service back," Colvin said. "But it's an investment. Your property values are increased when you have a community that's more likable and attracts more investment. And so this is an investment for the future."
A representative for the city said the hearing and discussion among city council members will decide the future of the bond package and its upcoming presentations leading up to November.