Cary Community Investment Bonds
Cary registered voters were given the opportunity to vote on three separate bond initiatives totaling $80 million at the November 6, 2012, election. Each of the initiatives were approved by voters as follows:
Fire Station Bonds Referendum
Yes - 58,459 - 80%
No - 14,417 - 20%
Bond funding will be used for the Relocation of Fire Station 2.
Parks and Recreation (PRCR) Bonds Referendum - $15.87 million
Yes - 50,252 - 69%
No - 22,693 - 31%
Bond funds support these PRCR projects:
- Jack Smith Park
- Carpenter Park
- Downtown Park
- Mills Park
- Panther Creek Greenway
- Sports Turf Fields
- White Oak Creek Greenway
Transportation Bonds Referendum
Yes - 51,209 - 70%
No - 21,449 - 30%
Bond funds support these transportation projects:
- Bicycle Facilities
- Carpenter Fire Station Road Bridge and Intersection Improvements
- Reduce Congestion through Intersection Improvements
- Traffic Signal System Upgrade
- Green Level West Road Widening
- Streetscape Improvements: South Academy St. & Dry Ave.
- Walnut Street Pedestrian and Traffic Improvements
- Street Improvements
The bond funding includes $1 million for improving bicycle facilities and programs. The Town of Cary sought residents' input into how and where the bicycle funds were invested. See Community Investment Bond Ped/Bike Map.
Project Funding - Tax Rate Increase
The $80 million in bonds will be repaid through a tax rate increase, with a 2-cent property tax rate increase in 2013 and another 2-cent tax rate increase in 2015. Presently at 33 cents per $100 valuation, Cary has the lowest property tax rate in Wake County.
For each $100,000 of home value, the annual tax impact would be $20 for each of two tax increases, for a total of $40. This means that if your home is valued at $250,000 for tax purposes, your related tax bill would increase by $50 per year for the increase in July 2013 and an additional $50 per year for the increase in July 2015. The total impact would be $100 per year after July 2015.
For questions about the 2012 Cary Community Investment Bonds referendum, please email email@example.com.
Susan Moran, APR
Public Information Director
Town Manager's Office