The Fayetteville City Council held a public hearing on a major bond package Monday to seek opinions about a $97 million improvement project for the city.
“We’ve done the legwork; now, this is time to put the resources in place with the plans to execute,” Fayetteville Mayor Mitch Colvin said in a WTVD/ABC11 report.
Supporters of the bond plan want to use the money to transform Fayetteville, according to WTVD. City officials said the bond package was intended to accomplish upgrades that residents asked for. Some of the wish-list items include better public safety, infrastructure that is more conducive for walking and biking, and more affordable housing.
Passing the bond package could make these improvements to the city a reality, the mayor said.
“The bonds would borrow up to $97 million to finance these projects,” WTVD reported. The city would seek funds through bond markets and investment dollars rather than borrowing money from banks and investment firms.
If the package is approved, it will be adopted in 2023 and put into effect for Fiscal Year 2024, according to WTVD. Homeowners with an average home value will pay approximately $80 per year more in property taxes, but supporters say it 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.”
The results of the public hearing and discussion among City Council members will help decide the future of the bond package and presentations regarding the topic leading up to the election in November, WTVD reported.
