Proposition 1
Anchorage Roads and Drainage Service Area, Road and Storm Drainage Bonds ($37,090,000)
For the purpose of providing roads and storm drainage capital acquisition, construction, renovation, upgrades and related capital improvements, shall Anchorage borrow money and issue up to $37,090,000 in principal amount of general obligation bonds and increase the municipal tax cap by an annual amount not to exceed $70,000 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 2010 assessed valuation in the Anchorage Roads and Drainage Service Area): (i) an annual increase in taxes of approximately $11.84 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 $0.28 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 2009-2014 Capital Improvement Program (CIP), but is notably less than the amount in the approved CIP. The assembly and mayor worked together to reduce this bond to one of its lowest levels in 7 years.
Primary focus is funding for 2010 construction. More than 90 percent of this would pay construction costs for more than 20 projects that are scheduled to start in 2009, including:
- 72nd Avenue Upgrade – Brayton Drive to Lake Otis Parkway Road and Drainage Rehab
- 88th Avenue Upgrade – Lake Otis Parkway to South Circle Road and Drainage Rehab
- Klatt Road at C Street Intersection Safety Safety and Capacity Upgrade
- Independence Dr Upgrade/Extension – Colony Loop to O’Malley Dr Upgrade and New Construction
- Arctic Blvd Surface Rehabilitation Phase IV – 53rd Ave to Raspberry Rd Road and Drainage Rehab
Immediate economic impact: In previous years, the Legislature provided $35.5 million in legislative partnership grants for proposed Municipal projects. The Municipality is requesting another $50.0 million in State grants in 2010 for other projects in this bond. State matching monies would significantly increase the value of projects paid for with this bond.
Provides local match for $85.5 million in State grants: This bond would start local jobs immediately because most of the bond would fund projects that will be ready for 2010 construction. This bond would combine with State matching grants to infuse an estimated $100 million into the Anchorage economy this year and create up to 800 jobs.
Value: The annual expense for a $300,000 home would be an estimated $36.36/yr or $3.03/month.
This bond would fund area wide road and drainage improvements that would reduce congestions, improve safety and address maintenance priorities area wide.
