Raleigh, Wake Bond Issues Pass Easily
Posted October 9, 2007
Raleigh, N.C. — Bond issues for open space in Raleigh and Wake County and to expand the county library system and the local community college easily gained the approval of local voters Tuesday.
Raleigh voters passed an $88 million bond issue for parks and greenway projects by a 72 to 28 percent margin. The money will allow the city to buy undeveloped land for future parks and open space, build two community centers and one aquatics facility and help fund a 13-mile greenway that will stretch from Falls Lake to the Johnston County line.
Wake County's $50 million open space bond passed almost as easily, by a 71 to 29 percent margin. The money will pay to preserve land along stream corridors to protect drinking water supplies.
A $92 million bond issue for expanding Wake Technical Community College passed by a 68 to 32 percent margin. The money will finance the completion of the college's north campus off Louisburg Road and will secure a site for a campus near Cary.
The $45 million bond for the county library system passed by a 70 to 30 percent margin. The money will pay for new branches in underserved areas and renovations to other branches.
Paying off the three county bonds will require an increase in the county's property tax rate of 2.25 cents per $100 of assessed value, based on current valuations. That would amount to about $45 per year on a $200,000 home. The county is in the process of completing a property revaluation.
Raleigh Mayor Charles Meeker said the next City Council would have to decide how to pay for Raleigh's bond issue. He said he would like to raise impact fees instead of property taxes to finance bond payments.