.

2024 Transportation Bond

The City of Belmont is committed to improving transportation infrastructure to ensure safer, more efficient travel for all residents. To fund these vital improvements, the City Council has proposed a $25 million Transportation Bond, which will be on the ballot this November. If approved, this bond will support a range of projects designed to enhance roads, sidewalks, and connectivity across our city. This is your opportunity to help shape the future of Belmont’s transportation network and improve the quality of life for all who live, work, and visit here." More detail about each identified project can be found below.

Under North Carolina law, a referendum for the purpose of issuing General Obligation (GO) bonds must specify a category of capital projects for which the bond proceeds may be used. Voters are asked to authorize their government to use the GO bonds as a financing tool for that specific category of projects, up to the amount specified in the ballot question. Within each category, a local government may identify specific projects to be funded by the bond proceeds (the “bond package”). However, due to the lengthy process involved with identifying, designing, and implementing projects, as well as the lack of detailed cost and other project information available at the time of the bond referendum, the specific projects identified in the bond package may change over time, as long as they remain within the category authorized by the voters.

If the referendum passes, it will have the following tax effect:

  • In 2026 the tax rate will increase $42.50 per $100,000 of tax valuation. For example, a $400,000 home would see an annual increase of $170 ($14/month)
  • In 2028 the tax rate will increase to $72.50 per $100,000 of tax valuation. For example, a $400,000 home would see an annual increase of $290 ($24/month)

The information included on the ballot will be very generalized. The bond referendum will be listed on page two of your ballot, and you can view a sample ballot here.

 

The projects selected were used to establish the $25 Million bond amount.  These projects consist of the following:

– Belmont Middle School Connector

– South Central Avenue Pedestrian and Turn Lanes, including pedestrian improvement at Central Avenue/Main Street intersection

– Perfection Avenue at Pebble Creek & Pleasant Pedestrian Improvements

– Nixon Road Multi-Use Path (MUP)/Sidewalk

– South Point Road Widening from RL Stowe to Rivermist Dr

Please note that these specific projects will not appear on the November election ballot, as Council can choose their priority projects at the time of funding.  The issuance of general obligation bonds shall be for the following purposes and in the following maximum amounts: $25,000,000 of bonds to provide funds to pay the capital costs of acquiring, constructing, reconstructing, widening, extending, paving, resurfacing, grading and improving streets and sidewalks, including, without limitation, curbs, gutters, drains, bridges, overpasses, crossings, lighting, traffic controls, signals and markers, bicycle lanes, and landscape, streetscape and pedestrian improvements, and the acquisition of land, rights-of-way and easements in land required therefore.

More detail on each project can be found in the links below.

Transportation Bond Presentation Agenda Memo

May 23, 2024 Council Meeting Minutes

May 23, 2024 Council Meeting Recording (Discussion begins at the 28 minute mark)

During the City Council Workshop on May 23, 2024, Gannett Fleming presented the list of potential projects, and the Council narrowed the list of projects to five.

During the March 4, 2024, council meeting, the engineering firm Gannett Fleming, Inc. was selected to assist with identifying potential bond projects for the council to consider.

Discussions by the City Council officially began at the February 16, 2024, City Council Retreat. The meeting minutes can be found here.

 

 

Close window