Proposition 4
PROPOSITION 4 - ANCHORAGE ROADS AND DRAINAGE SERVICE AREA ROAD AND STORM DRAINAGE BONDS ($30,850,000)
For the purpose of providing roads and storm drainage capital acquisition, construction, renovation, upgrades and related capital improvements as provided in Ordinance No. AO 2011-10, shall Anchorage borrow money and issue up to $30,850,000 in principal amount of general obligation bonds and increase the municipal tax cap by an annual amount not to exceed $522,000 to pay the associated annual operations and maintenance costs? The proposed capital improvements would be located within the Anchorage Roads and Drainage Service Area.
Voter approval of this bond proposition authorizes for each $100,000 of assessed taxable property value (based on the estimated 2011 assessed valuation in the Anchorage Roads and Drainage Service Area): (i) an annual increase in taxes of approximately $10.00 to retire the proposed bonds, and (ii) an annual increase necessary to fund the proposed increase in the municipal tax cap (Charter 14.03(b)(2)) of approximately $2.11 to pay for annual operations and maintenance costs related to the proposed capital improvements.
The debt shall be paid from real and personal property taxes levied and collected within the Anchorage Roads and Drainage Service Area. Anchorage will also pledge its full faith and credit for payment of the debt.
Continues development of community priorities established in the 2011-2016 Capital Improvement Program (CIP), but is notably less than any road and drainage bond for the last 10 years or more. The mayor has emphasized doing ‘more with less’ and this bond is aimed at preservation and rehabilitation of our existing infrastructure and taken a conservative and responsible approach to spending.
Primary focus is funding for 2011 construction and rehabilitation. Funding will provide construction starts for a handful of projects, including:
- 9th Avenue Reconstruction Phase II L Street to LaTouche – Road and Drainage Rehab
- Arlene Street/Pelican Dr./Pelican Cir./Kingfisher Drive Area – Road and Drainage Rehab
- Raspberry Road Upgrade – Arctic Blvd. to C Street - Upgrade and New Construction
- Pine Street/4th Ave. Area Storm Reconstruction – Road and Drainage Rehab
Other funding will be distributed throughout the city for more localized paving and drainage rehabilitation projects, traffic safety projects, and snow disposal sites, including:
- Flooding, Glaciation and Drainage Matching Program
- Intersection Safety and Congestion Relief Matching Program
- Dowling Rd/Spruce St Area Snow Disposal Site and Kloep Station Snow Disposal Site
- Anchorage Signal System, Signage and Safety Improvements
Provides local match for $31.9 million in State grants: The Municipality is requesting another $118.3 million in State grants in 2011 for other projects in the Municipality. State matching monies would significantly increase the value of projects paid for with this bond.
Shovel Ready vs. Planning and Design: This bond would start local jobs immediately because over 75% most of the bond would fund projects that will be ready for 2011 construction. This bond could combine with State matching grants requests to infuse over $60 million into the Anchorage economy this year and help create jobs.
Value: The annual expense for a $300,000 home would be an estimated $30.00/yr or $2.50/month.
