CARY, NC – The Town of Cary has prepared the preliminary list of streets and recreation projects that could be part of the April 8^th bond referendum, which has now grown to about $160 million--$130 million for streets and $30 million for recreation. This week, Town Manager Bill Coleman decided to increase the estimated amount of the 2003 bonds based on feedback he was getting about needed recreation facilities, to which the additional $10 million would be allocated if the bond issue is approved by voters.

Today’s list, which is available on the Town’s Web site, has more than a dozen potential projects for recreation, including a downtown park, a new community center in northern Cary, a performing arts center, an aquatics center, and a second senior center. The current list for streets has more than two dozen potential projects, including work on Walnut Street, Davis Drive, Evans Road, High House Road, Chapel Hill Road, Morrisville Parkway, and Holly Springs Road. Street bonds could also help cover the $14.3 million needed to build the Town’s new adaptive traffic signal system project, currently under design.

The cost to fund all of the potential projects on today’s shortlist still far exceeds the $160 million planned for April referendum, so the Town is hoping to get lots of citizen input on which projects they feel might best serve the interests of the entire community.

Beginning on January 14^th, Internet users will be able to go to the Town’s Web site to complete a new Web poll that offers them the chance to rate the level of importance they give to each potential project. Citizens are also invited to attend one of two public input sessions to be held on January 14^th and 15^th at 6:30 p.m. in the Town Council Chambers, 316 N. Academy Street in downtown Cary.

Following the poll and public input sessions, Town staff will go back to the project shortlist and bond totals to make any further necessary revisions before the issues goes to a formal public hearing before the Town Council on February 13^th. At that meeting, Council is set to adopt the actual bond orders that will appear on the April ballot.

Cary citizens last approved the use of GO bond financing in 1999 to support $139 million in improvements to the water system, parks, streets, and sidewalks. A dozen of those projects have been completed, and nine others are underway.

Voter authorization for governments to use GO financing is required by state law since the government must agree to use its ability to tax if necessary as collateral for the loan. The law does not require governments to use tax revenues to pay back the bonds, nor are governments required to raise taxes because of the bonds.

The Town of Cary did not raise taxes after either its 1994 or the 1999 bond referenda. In fact, taxes in Cary have not been raised in well over a decade. The $10 million added by Coleman this week would not change the potential tax implication of seven cents over seven years.

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