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City staff outlines $360 million bond package; staff says no tax‑rate increase projected
Summary
City staff briefed the TIF No. 3 Board on a proposed $360 million bond package with four propositions covering streets, economic development, parks and a Granville Arts Center renovation. Staff said the package is designed to avoid a tax‑rate increase and that council is expected to call the election on Feb. 4.
City staff gave the Tax Increment Finance No. 3 Board an overview of a proposed $360 million bond package that the city plans to present to voters, with council expected to call the election on Feb. 4. Staff described four propositions: streets, economic development, parks and a renovation of the Granville Arts Center.
Matt Madden, the staff presenter, said the streets proposition is the largest element at $230 million, including about $210 million targeted to improve pavement condition on residential streets and alleys and roughly $20 million for gateway and corridor beautification projects. Madden said the city engaged a consultant that used laser and pavement‑condition indexing technology and concluded the city needs roughly $210 million over five years to raise the overall pavement condition index into the 70s from the current score in the 50s.
The economic development proposition is $75 million and would fund items staff described as land assembly, incentives and refurbishment projects, including a proposed renovation of the Granville Arts Center to address Americans with Disabilities Act issues. Madden said staff have identified Harbor Point (near Bass Pro), the medical district and South Garland Avenue as primary targets for incentives; he told the board that the medical‑district portion of the economic proposition was being estimated at about $18 million for gap financing in the event the city recruits a hospital.
The parks and recreation proposition is $30 million and is focused in the Harbor Point area; Madden showed concept imagery for trails, boardwalks and public waterfront access intended to spur private investment in the corridor.
Madden said the bond package is structured so that no tax‑rate increase is projected. He characterized the streets proposition as a way to spread the useful life of paving projects to match amortization and reduce annual costs compared with using short‑term tax notes. He also contrasted the package with prior bond packages that focused on long‑term corridor projects.
Council is expected to set the election schedule on Feb. 4 and staff said the public vote would be held in May. The board had no formal action on the bond package itself during this meeting; Madden said council would take final action on calling the election and on bond placements.
