Bond packages totaling $97 million could add 3.5 to 4 cents to the city property tax rate in coming fiscal years.
The Fayetteville City Council on Monday, June 27, authorized public hearings on Aug. 8 on three separate bond packages that total $97 million. They would be put before voters on the November general-election ballot.
On Monday evening, the City Council voted unanimously to advance the bond packages that would authorize $60 million for public safety improvements; $25 million for street, sidewalk and connectivity projects; and another $12 million for housing projects.
Jay Toland, assistant city manager and chief financial officer for the city, presented the bond packages to the City Council.
“As the mayor said, we’ll need to set the public hearings for the bond orders," Toland said.
While the higher tax rate would not take effect in the coming fiscal year, it would come later.
“We are looking between a 3.5 cents to 4 cents tax rate increase to support the $97 million, if it all passes,” said Toland. “Each one of these awards you all just adopted will be a separate question for or against on the Nov. 8 ballot. And so, assuming all those pass, we would look to raising … (taxes) to 3.5 to 4 cents.”
Interest rates would be a factor, he said.
Councilman D.J. Haire said he wanted to make sure the bond packages are presented to residents so they “will well know what’s involved in the proposed tax rate.”
“When does that begin?” he asked. “How do we move forward with it? Have you come up with a plan yet that’s been created for how we market to the citizens?”
Toland said it will be important that community partners help promote the plans.
City Manager Doug Hewett has said that the coming months will prove significant for the city’s progress as several key projects will be completed.
Those include moving forward on the proposed $97 million in bond packages, he said.