Voters in North Carolina’s two largest metro areas approved about $1.46 billion of new local borrowing on Tuesday, clearing the way for a wave of municipal bond sales for roads, housing and schools, while voters in several suburban counties rejected measures that would have raised property taxes.
Charlotte: $425 million
Charlotte voters backed all three city bond questions, totaling $425 million, by roughly two to one, HERE Charlotte reported. Transportation gets $280 million, including $100 million for major mobility projects, $50 million for sidewalks and $24 million for street resurfacing. Another $125 million goes to the city’s housing trust fund and $20 million to neighborhood projects such as greenways and bike lanes. City officials have said the borrowing fits the long-term budget without a tax increase; interest over the life of the bonds is projected at about $242 million.
Raleigh and Wake County: about $1 billion
In Raleigh, voters approved two $101.5 million bonds, one for housing and one for transportation, with about 65% and 68% support, according to HERE Raleigh. The housing money includes $57.6 million to build and preserve affordable units and $12 million for homelessness programs, while the transportation bond funds work on Marsh Creek, Trawick and Ebenezer Church roads plus $40 million for sidewalks and bike routes. The city will repay the debt from an existing capital fund rather than a tax increase.
Wake County voters also approved a $680 million school bond, with about 63% in favor, to pay for HVAC and other repairs at 55 buildings in the state’s largest school system, and $149 million for Wake Technical Community College. The school bond is expected to cost the average homeowner about $20 a year.
Suburban rejections
Voters were less generous elsewhere in the Charlotte region. Cabarrus County narrowly defeated a $340 million school bond and a $60 million community-college bond, with about 51% opposed to each. Union County voters rejected a $200 million jail bond by about 64% to 36%, and Kannapolis turned down a $40 million parks bond. Each of those measures would have raised property taxes.
For more local business coverage, see HERE Charlotte Business and HERE Raleigh Business.
