City unanimously calls for $550 million bond election
City Council today unanimously passed an ordinance calling for a $550 million bond election to be held on Saturday, May 12, 2007. The program focuses on basic infrastructure improvements and enhancements including streets, sidewalks, drainage, parks, athletic facilities and libraries.
The $550 million program is the largest municipal bond program in San Antonio’s history.
The bond election will seek voter approval of five propositions including 151 total projects. The Streets, Bridges and Sidewalks Improvements proposition includes 43 projects and $306,997,413 in improvements. A Drainage Improvements proposition includes 26 projects at a total cost of $152,051,818. The Parks, Recreation, Open Space and Athletics Improvements proposition calls for 69 projects at a cost of $79,125,293. Eleven projects are included in the Library Improvements proposition at a total cost of $11,025,476. Finally, a fifth proposition, Public Health Facilities, includes two projects and a total cost of $800,000.
“This bond program can be achieved without a property tax rate increase due to San Antonio’s continued economic growth and the City’s disciplined debt management plan,” said City Manager Sheryl Sculley. “The bond program also closely follows City Council’s project selection criteria, including projects that have a community-wide benefit and that leverage dollars from other governmental agencies and private investment.”
A large majority, or 93 percent, of the 151 proposed projects were recommended by four separate community bond committees of 128 residents. The committees, over the course of two months, obtained community input and analyzed potential projects to be approved by City Council for the bond program. As part of this process, 15 bond committee meetings were held. More than 500 residents attended these meetings and almost 170 residents addressed the committees.
Early voting for the May 12 General and Bond election will begin on April 30 and end May 8.
A summary of the bond process and a list of the projects by proposition can be viewed at www.sanantonio.gov/2007bond.