CHARLOTTE, N.C. (WBTV) – Voters in the City of Charlotte will decide on whether or not to approve a transportation bond worth nearly a quarter billion dollars during the 2024 election.
The bond will be considered via referendum on Charlotte voters’ ballots. The referendum seeks authorization of $238.3 million, which when interest is added, is estimated to cost city residents just over $372 million.
The funds would be raised through an increase in property tax. If approved, the bond would increase residents’ taxes by $1 per year for every $100,000 in property value.
Bond money would be used in part for the “constructing, reconstructing, enlarging, extending and improving certain streets, including streets and roads constituting a part of the State highway system,” according to the referendum.
Additional money would be used for resurfacing roads, intersections and parking lots, as well as other related projects.
Live stream: 2024 General Election coverage for Carolinas
The referendum can be read in full below:
Additional property taxes may be levied on property located in the City of Charlotte in an amount sufficient to pay the principal of and interest on bonds if approved by the following ballot question. Shall the order authorizing $238,300,000 of bonds plus interest to provide funds to pay the capital costs of constructing, reconstructing, enlarging, extending and improving certain streets, including streets and roads constituting a part of the State highway system or otherwise the responsibility of the State and including the cost of related studies, streetscape and pedestrian improvements, relocation of utilities, plans and design; acquiring, constructing, reconstructing, widening, extending, paving, milling, resurfacing, grading or improving streets, roads, intersections, parking lots and pedestrian and bicycle paths; acquiring, constructing, reconstructing or improving sidewalks, curbs, gutters, storm drainage, bridges, overpasses, underpasses and grade crossings and providing related landscaping, lighting and traffic controls, signals and markers; and the acquisition of interests in land and rights-of-way required therefor, and providing that additional taxes may be levied in an amount sufficient to pay the principal of and interest on the bonds be approved, in light of the following:
(1) The estimated cumulative cost over the life of the bond, using the highest interest rate charged for similar debt over the last 20 years, would be $372,014,896 (consisting of $238,300,000 principal amount of bonds plus $133,714,896 of interest).
(2) The estimated amount of property tax liability increase for each one hundred thousand dollars ($100,000) of property tax value to service the cumulative cost over the life of the bond provided above would be $1.00 per year.
The bond will be approved if it receives more “yes” votes than “no.”
The two other bond referendums on Charlotteans’ 2024 ballots deal with housing and neighborhood improvements.
Bond referendum requests $100 million for Charlotte housing projects
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